The second important step was taken on 11 March, when the heads of state or government of the euro area member states agreed on the Euro Pact. The pact is first and foremost a strong political signal of shared determination to introduce initiatives to strengthen competitiveness, employment, fiscal discipline and financial stability.
The way forward, as we well know, is fraught with danger as forces outside and within the region contemplate our future as viable entities, or predict our possible demise.