Participating countries have taken the benefits of the euro for granted without acknowledging their shared responsibility. 9 The negative effects of this process became brutally apparent during the euro area sovereign debt crisis, and even now, five years after that crisis began, they are still weighing on economic activity and employment. The consequences are not just economic; they are also political.
Thus, in percentage terms, more money was withdrawn from banks in Serbia than in countries that have three times lower capital adequacy ratios and which saw government rescue packages worth a dozen billion euros!