We have experienced the consequences of confidence diverging across countries. We have suffered from the resulting loss of growth and rise in unemployment. No one who has experienced either this crisis, or the economic volatility of the 1970s and early 1980s, can credibly conclude that a return to a mere juxtaposition of national policies will improve the situation of any of our countries.
Rather, it is by making our policies consistent across borders that we have achieved positive results, and it is by heeding this lesson that we will continue to do so. In some areas, such as the banking union, this means formulating policy centrally. In other areas, such as fiscal policy or structural reform, it means accepting effective scrutiny from peers.