And, I think it is plausible that a faster recovery in the housing markets could speed, rather than slow, the end of GSE conservatorship. In recent months, a group of staff at the Federal Reserve has been studying ways in which the housing market is hindering the economic recovery and possible remedies for those difficulties.
Monetary Union is now more resilient to shocks thanks to the economic expansion, a reduction in imbalances, as well as the significant institutional reforms that have been adopted in the post-crisis period. Nevertheless, there is more work to be done: the journey ahead to complete the Economic and Monetary Union (EMU) is challenging.