But while the benefits of euro membership are real, like any club, the euro area has rights and it also has obligations. And during the crisis, the obligations of membership have become much more clear. First, countries have to be ready and willing to join.
By this I mean they must have internalised, in their public debate, the requirements of being part of a monetary union. Countries cannot join the euro area but continue with the same economic policies based exclusively on national considerations. And this consensus needs to be there before membership.