Nevertheless, it should not be forgotten that, in the past five years, we have made considerable headway in resolving the crisis and in putting the euro area back on a solid footing. We have achieved a great deal but much still remains to be done – both at the national and at the European level.
When the cycle turned, there was little scope for risks to be reallocated across the union – also due to lack of formal macroeconomic risk-sharing mechanisms in the architecture of our Treaty institutions.