The beginnings of a consistent strategy What happened at this time was that European policymakers acknowledged the need to complete the euro area’s institutional architecture, the initial stage of which was setting up the banking union. And in doing so, they initiated what I believe was the necessary first step of a consistent strategy for a sustained recovery.
I now have much pleasure in officially opening the ADB/APEC FRTI Market Supervision Regional Seminar and wish you all a fruitful and successful programme. VINAKA VAKALEVU. BIS central bankers’ speeches  3