They reflect Europe’s common will to grow closer together over time. That political commitment has proven to be stronger than many believed. But if this commitment is to endure, it will need to be supported by effective policies. I see two priorities here. First, as the euro area widens, the need to make the architecture of EMU fit for purpose becomes increasingly urgent.
Second, in the interests of both new and existing euro area members, we need to collectively ensure that accession is fully prepared. This will avoid EMU being deepened too slowly or widened too fast.