Progress is therefore being made in the regulation of financial markets, both at an European and a global level. But a great deal remains to be done to ensure the individual elements come together to form a cohesive system. 4. Summary  Ladies and gentlemen Despite imbalances, Germany is now in better shape than it was ten years ago.
It is no longer the “sick man” of Europe. That said, we should not forget that adjustments will always be necessary to safeguard prosperity. This is especially true for the European crisis states. 6  BIS central bankers’ speeches  But more is required to ensure that monetary union can once again function properly as a whole.