But the problem with those images is that they always tend to give only a partial and situational account of the problems. The actual issues of a monetary union are a lot less visible and a lot more abstract.
So it is part of our job as central bankers and international economists to explain these phenomena – also by giving technocratic speeches that aren’t much fun to listen to. And as we’re still at the beginning of this conference, I’ll try to concentrate on the very fundamentals.