10  “Real convergence in the euro area: evidence, theory and policy implications”, Economic Bulletin, Issue 5, ECB, May 2015. 11  Ioannou, D., Jamet, J.-F. and Kleibl, J., “Spillovers and Euroscepticism”, Working Paper Series, No 1815, ECB, June 2015. 12  These various points are addressed in a recent interview with Le Monde, which was published on 27 July 2015.
BIS central bankers’ speeches  3  2. Renewing the European project  We must be clear, however: the euro area is an irreversible project, not simply a fixed exchange rate system. This statement is all the more necessary as the recent negotiations concerning Greece have let the evil genie of a country exiting the euro area (even temporarily) out of the bottle.