When the financial crisis broke out in 2007, the vulnerabilities were laid bare: investor sentiment began to shift, and interest rates for the countries in question started to rise sharply, triggering a crisis that is still far from being fully resolved. In order to understand the onset of the crisis, it is useful to remind ourselves of the euro area’s unique institutional set-up.
Today, few would consider winding back the clock. 6/7  BIS central bankers' speeches  What is important for a monetary union to evolve is that its citizens believe in but also contest the union, rather than seeing the world through a local lens.