As a second challenge, in a monetary union the community may ultimately bear the consequences for imbalances that have emerged on the level of sovereign member states. This has been an unequivocal lesson from the crisis in the euro area.
In the first place, longevity is surely to everyone's benefit. The fact that we can live longer in good health has been achieved through human endeavor in fields such as medical technology and in the spread of education. Economic policies and institutions must be adapted so that these achievements can improve  1  the economic welfare of everyone, including future generations.