In Europe, rising interest rates and the gradual phasing out of quantitative easing require careful and forward-looking policies on the part of everyone to avoid the emergence of tensions and possible fragmentation.
People in the Netherlands, or in Germany, should not forget that. And the Netherlands, too, would have been very severely hit if the ECB had not intervened in 2012 when the euro was under threat. But one size cannot always fit all. In some countries, financial conditions were very poor; in other countries, monetary stimulus may not have been as necessary.