Its administration favours the many instead of the few; this is why it is called a democracy.” 1 As democracy in Periclean Athens 2400 years ago, the construction of Europe does not have established institutional patterns to copy. The European Union and the euro area are shaping new forms of cooperation and integration between sovereign states.
The founding fathers of Economic and Monetary Union (EMU) built the European house from its foundations. They could count neither on guidelines nor on predetermined rules. We are still progressing. An ambitious agenda lies in front of the European Leaders. It is a visionary agenda, and despite all the current challenges it is being pursued with determination.