Policymakers have a responsibility to learn the lessons of the past, to study the experiences of others, and to avoid foreseeable risks to the public by altering their policies today. Our monetary union was born incomplete and, within a decade, faced a crisis few could have anticipated. It is understandable that it was not ready.
But we know now what it takes to provide stabilisation across countries, and we know what we risk if we act too late to stabilise the union as a whole. This only leads to a longer period of highly accommodative policies. We want to determine our circumstances, not to have our hand forced by them.