The national political institutions have not yet, however, incorporated in their decision-making processes the fact that they share a single currency, which requires new and joint responsibilities. There is insufficient capacity to “think European”, that is, to channel national decision-making in a broader framework, linked in particular to the single currency.
For this reason it is necessary to strengthen the decision-making capacity of the Eurogroup and extend it to other fora, particularly the heads of state and government of the euro area and perhaps even to labour ministers and others which affect, for example, the competitiveness of the European economy. We should not however ignore the fact that significant results have been obtained.