But then, what was the alternative? To wait, as some had suggested, until the necessary conditions were created for a more complete fiscal and political integration before proceeding to monetary integration? That would risk delaying monetary integration and seeing a repetition of the turbulence, and perhaps led to an implosion of the system and of the Single Market.
It was then decided to make a start to Monetary Union without taking into account the possibility of serious financial or budgetary crises of the Member States. This type of behaviour is not surprising. It characterises innovation in general, even in the institutional field. The first cars did not have advanced safety systems such as reinforced bumpers or air bags to protect drivers.