As recent experience has shown, however, it also carries risks of destabilisation, especially in countries where domestic financial systems are fragile or macroeconomic imbalances are still present. In such a situation, economic policy faces new and more complex challenges.
Every EU member state is a small state in the global context – the only difference is that some have already realised it, while others not. So how to make the monetary union stronger and more resilient? In my view, we need both risk reduction and risk sharing – a synthesis of these.