One of the lessons of the recent financial crisis was that capital alone is not sufficient to prevent or stem a crisis. Multiple channels for reform initiatives will enhance systemic stability.
This suggests that European integration has led Europe’s citizens to fundamentally reappraise the value of cooperation in difficult times. Economic and Monetary Union constitutes the avant garde of this long term historical process. It is important to keep in mind this long term perspective, looking beyond the ongoing economic and financial challenges in the euro area.