In some cases, these flaws have heightened the difficulties faced by Member States, which in turn explains why the contagion effects among euro area economies have surpassed expectations.
The flaws in the architecture and institutional framework supporting the establishment of the Economic and Monetary Union necessitate an urgent rethink of this model to ensure that the euro area is stable and resilient both to common and specific exogenous shocks and to risks of inconsistency among the policies of the various economies.