In our discussions on the lessons from the euro area crisis we recognised the different approaches to regional integration in Asia and the euro area, for example, as regards objectives and the underlying institutions of cooperation and decision-making. A key lesson from our crisis is that institutions must take into account the degree of regional integration.
In the euro area, we have made big advances in strengthening the institutional framework of our Economic and Monetary Union – with the banking union being the most important one. We have also seen significant progress as stressed countries have adjusted their policies at the national level. But there is no room for complacency.