Even if we cannot forecast with any certainty the precise shape and form that the next crisis will take, a few things are sure: Undermining important economic principles, such as that of liability, generally has a price tag attached to it. 2. Central banks must not be overburdened; they should not be forced to pick up the pieces for political errors.
Instead they should be allowed to focus on fulfilling their mandate. 3. The euro-area countries must persistently live up to the responsibilities of membership of a monetary union. They have to use smart economic policymaking to ensure that they are successful and do not drift apart.