Some of them were foreseeable from the start. One risk is the temptation for governments to overborrow because the economic costs of excessive public debt, for example higher interest rates, can be more easily shifted to other member states. A resulting loosening of fiscal discipline in individual member states can endanger the stability-oriented monetary policy.
Not only financial crises deeply affected key macroeconomic variables in the short-term, but they also sow the seeds for limited economic and social development in the long-run. Many times the collapse of the credit markets resulted in a breakdown of monetary and fiscal institutions, including the meltdown of the payments system with second-round effects on economic activity.