As all developed economies, Europe has experienced a period of unprecedented turbulence in the last three years. As regards the policy response of the executive branches, the EU and the euro area do not take decisions in the same way as a fully fledged political federation like the United States.
Decision making processes are of a different nature and certainly more difficult to decipher by external observers. That said, the trend over the last three years has been that, when faced with new challenges, the euro area has found solutions.