BIS central bankers’ speeches  1  Moreover – and this is the main focus of my speech here today – the institutional framework for monetary union must be adjusted so as to achieve the right balance between the responsibility of individual countries, liability and monitoring. My greatest concern is the current lack of a coherent outlook in this area.
The steps announced, and those already taken, have shifted the balance of the framework in a direction that is not sustainable in the long term. This threatens to substantially harm the public standing of the euro. In principle, I think that there are two economically sustainable approaches to designing a stability-oriented monetary union for the future.