But we know now what it takes to provide stabilisation across countries, and we know what we risk if we act too late to stabilise the union as a whole. This only leads to a longer period of highly accommodative policies. We want to determine our circumstances, not to have our hand forced by them.
The diagnosis of what needs to be done is clear. The roadmap has been laid out. [1] See Draghi, M., “Europe and the euro 20 years on”, speech by Mario Draghi, President of the ECB, at Laurea Honoris Causa in Economics by University of Sant’Anna, Pisa, 15 December 2018. [2] Spring 2019 Standard Eurobarometer.