Many jurisdictions already have explicit frameworks for the evaluation of financial sector policies (Financial Stability Board 2017, Annex A). In many policy areas, structured evaluations are routinely applied. Labour market reforms are being evaluated in many countries, educational programmes are often implemented only following a testing phase, and policy evaluations are commonly applied in the area of development policies.
Finally, the Governing Council very much welcomes leaders at the last European Council meeting agreeing to step up their reflections on the long-term vision for Economic and Monetary Union. The Governing Council considers this a highly important step. We are now at your disposal for questions. BIS central bankers’ speeches  3