We need to work on equalising living conditions across the widely differing economies of the euro area and on improving the fiscal rules. This will take years of political work and debate. We should take this step first before rushing prematurely into integration projects.
When Stan was teaching his macro course at MIT, in the very first lecture he used to say: you learn [the] ISLM and Mundell-Fleming [models] in your undergraduate course (and most of us learnt it from [Rudiger] Dornbusch and [Stanley] Fischer), then you come to graduate school and we cover that in half a lecture before moving onto teaching more advanced technologies.