However, today it seems clear to almost everybody that European integration has to proceed in both directions. The deepening of European institutions and the widening of Europe's geographical extension are not mutually exclusive but rather dependent on each other. Progress in one area does certainly give momentum to the other.
The most important step in the deepening process of European integration – at least to my mind – has been the creation of Economic and Monetary Union (EMU). From a Governor of one of the euro area central banks this statement will certainly not come as a surprise to you.