2  BIS central bankers’ speeches  Q – When we look at Europe – and we will have European elections in May – we can easily see that some political parties in Greece, Italy or even the UK or Germany and the Netherlands – not in Portugal, but... – there are anti-euro politicians who are doing well in the polls.
A – What we learned from the crisis is that we have an unfinished Monetary Union. A Monetary Union that seemed to work well in good times, but in harsh times we saw that the institutional mechanisms didn’t work well. There was no crisis preparation, no good crisis management, no joint supervision – many things were not in place before the crisis.