But it can be a major milestone towards a more stable and prosper monetary union and hence instrumental in re-establishing confidence in the euro area. 4. Conclusion  Ladies and gentlemen, A lot went wrong in Europe over the past decade, and the crisis has revealed serious flaws in the euro area’s architecture.
Yes, some governments, enterprises, banks and households have wasted the opportunities presented by the euro, but the benefits clearly outweigh the excesses. According to a recent report on Europe’s growth model published by the World Bank, one of Europe’s most attractive features is that it is a “convergence machine”.