Southern European countries must stick with reforms (including the mother of all reforms, namely the privatisation agenda), and, on the other hand, leading eurozone countries must make sure to build the missing pieces of the EMU incomplete architecture, including a financial union among eurozone countries through the 6/8  BIS central bankers' speeches  completion of the Banking Union – I have no doubt that there will be another European compromise on the long-mooted proposal for a European deposit insurance scheme (EDIS) – and the Capital Markets Union.
Diagram 3 Money Supply* Year-ended percentage change %  %  25  25  20  20  15  15  10  10  5  5  0  0  -5  -5 1951 1956 1961 1966 1971 1976 1981 1986 1991 1996 * M3  4.