The rules that we had before the crisis didn’t even foresee the possibility of a crisis, and this made the response to the euro area sovereign debt crisis particularly challenging. Lessons were learnt from this painful experience and a permanent institution for crisis management was established, the European Stability Mechanism.
Assigning monetary policy to the Union level was relatively easy, because there is a broad social consensus on central banking whereby the central bank should be independent and be assigned the pursuit of a single objective, price stability.