The decision to adopt the euro is a very fundamental one and should not be taken lightly. Concluding remarks Let me conclude. Economic shocks are a fact of life and countries should be prepared to deal with them. This is all the more the case in a monetary union, where the nominal exchange rate is no longer available as an instrument of adjustment.
As a corollary, their subsidiaries will be subject to the same discipline. However, this is clearly not the case. There are some measures that would be useful in addressing these challenges. One of these, which I have already proposed, is to require large local banks to list a percentage of their equity, say 30%, on local stock markets.