We have begun internal reflections on all these issues, together with the national central banks, and we stand ready to launch the formal preparations as soon as the legal framework has been adopted. 3. A genuine economic and monetary union  Let me now turn to the second topic chosen for our exchange of views, namely a genuine economic and monetary union.
In the spring of this year, after three years of severe economic and financial challenges, it became clear that what the euro area needs is a coherent longer-term vision for EMU. At our April hearing, we discussed such a vision, following earlier discussions in this Committee about the Fiscal Compact and Growth Compact.