This has changed in three ways since the onset of the crisis: debt-to-GDP ratios have risen markedly, unemployment has risen sharply and the functioning of the financial system has deteriorated. These factors are likely to impact on monetary policy for some time to come. 2.1.
Europe is a symbol of who we are and who we aspire to be. The EU and the euro embody our common commitment to peace, to openness, to democracy, to justice. And they shape how we see ourselves: more than two-thirds of citizens now cite their European identity alongside their national identity.