The question whether or not to join the euro has major economic consequences. The question whether or not to join SSM, and the wider Banking Union, could be decisive for financial stability. In light of this, I would like to focus my remarks today on addressing these issues.
In particular, I want to answer two questions: First, is joining the euro area good for growth? Second, is joining Banking Union a good idea? 1. Is joining the euro area good for growth? Starting with my first question, ‘is joining the euro good for growth’?