Ladies and gentlemen, it was a long-held belief, above all in Germany, that in the long run monetary union would, out of necessity as it were, culminate in political union. Addressing the Bundestag in November 1991, Helmut Kohl remarked that “the idea of sustaining economic and monetary union over time without political union is a fallacy”.
I believe, however, that monetary union can also function without political union. The Maastricht framework, which was adjusted in the light of the crisis, offers a sensible foundation for this in principle. The precondition, however, is that the agreed rules are also complied with. I view the most recent developments with concern here.