And, after an unprecedented logistical operation, at the end of February at the latest, 12 national currencies will have disappeared for good. At that moment, monetary union will have been achieved completely. *  *  *  To my mind, the implementation of monetary union in Europe can be explained by a series of long term structural factors.
While these measures have proved remarkably successful in stabilising the financial system, the broader repercussions of the crisis continue to shape the outlook for prices, public finances and the economy as a whole. The events of the past three years have provided a salutary reminder of the macroeconomic importance of linkages between the financial sector and the real economy.