If negligence of financial risk is the main cause of the crisis, the macroeconomic risk – and the many channels through which this risk interacts with fragile budgetary structures – is causing the budget problems which some countries in the euro area are facing today. These considerations bring me to the issue of reforming economic governance.
BIS central bankers’ speeches  3  The euro is unique among international currencies. It is the major currency that is not issued by a sovereign state, but by a union of states. Monetary policy is inherently indivisible in a monetary union, and for the euro area, it is conducted at European level.