Nevertheless, while successfully managing sizable capital inflows may require a range of policy responses, the need to make these responses is not cause to abandon the pursuit of financial openness as an objective over the longer term. The case for financial openness To start off, the arguments in favor of countries being open to financial flows are compelling.
European Monetary Union (EMU) and the euro, which seemed to be very ambitious projects of European integration some decades ago, meanwhile have become a remarkable contribution both to the stability and the international competitiveness of the European Union, and in particular of the euro area.