In the aftermath of the global financial crisis and the Eurozone debt crisis, EMEs including India faced enhanced uncertainty, especially in the external sector on the back of both local and global developments.
It was also difficult at that time to anchor the concept of a depoliticised currency in the Treaty. Differing national traditions regarding the perceived role of the state and society understandably played a part in that. This idea naturally fits in particularly well with the German tradition of decentralised structures.