Support for the euro and EMU is very high in the euro area, in fact much higher than support for the EU. The crisis tested our political commitment, and this commitment was reaffirmed. BIS central bankers’ speeches  1  Indeed, European integration has brought fundamental benefits. People believe in Europe and European public goods when they are tangible and deliver results.
However, we also need to fully acknowledge the shortcomings of the status quo. For many, Europe is a proxy for globalisation, which has created prosperity as well as strong interconnections. Our economies are so intertwined that they can only be disentangled with great difficulty. Consider the complex discussions under way in the UK on how to separate from the EU.