I am glad that the elements of a Banking Union are beginning to fall into place. A swift implementation of the remaining elements is needed. Significant progress has been made on fiscal consolidation and structural reform. Looking ahead, credibility is crucial. Therefore, I welcome the stronger rules for fiscal and macroeconomic policies like the Fiscal Compact.
All these ongoing important adjustment efforts in the euro area should restore confidence in the short-term and lead steadily back to sustainable growth. Thank you for your attention. 6  BIS central bankers’ speeches