1  “Nobody can say today what will be the institutional framework of Europe tomorrow because the future changes, which will be fostered by today’s changes, are unpredictable.”  BIS central bankers’ speeches  7  This condition creates mutual responsibilities. We see that a challenge in one country can become a challenge for the euro area as a whole.
Addressing it requires strong responses from all Member States, including Germany, and from EU institutions. The global crisis has called into question the overall economic and financial strategy of major advanced economies. All have weaknesses in their economic systems.