But these microeconomic changes were equally as important as the macro ones, maybe even more important. I mentioned the change in labour market policy, but this was accompanied by a host of other changes to factor markets (like financial liberalisation) and product markets (tariff reform, competition policies and so on).
It is in this spirit that I have called repeatedly for a move from rules-based coordination to sharing of sovereignty within common institutions. The report proposes a euro area treasury as one example. Such ideas now need to be spelled out. But we should also go further with regard to our policies.