(…) Uncoordinated and divergent national budgetary policies would undermine monetary stability and generate imbalances in the real and financial sectors of the community.” The current sovereign debt crisis in three smaller euro area countries has disclosed several institutional weaknesses within the euro area and the European Union, respectively.
But the current difficulties can also be seen as an opportunity for a further integration of the European Union. In the medium-term we must improve the institutional framework for the euro area. Europe has always made its greatest steps forward in times of crisis or at least difficult times.