However, this reform won’t be enough on its own to resolve the euro area’s underlying problems. Another starting point for reform would therefore be to intensify the coordination and integration of economic policy within the euro area. Without an integrated economic policy, it is difficult for the economies in a currency union to converge.
Implementing deficit ceilings for government debt is another area in which progress needs to be 2/4  BIS central bankers' speeches  made. All member states should adhere to these ceilings – in no way should they be seen merely as recommendations. The onus here is clearly on politicians. Central banks can apply pressure, at most. 4. Where is Europe heading?