But the EU is a union of democracies and it should be more trustful of the power of democracy to produce the solutions that will address the deep causes of the crisis. Signs of political unification are needed more than ever to combat European fragmentation, withstand the temptation to raise national barriers, and take collective action to deliver stability and growth.
Thank you for your attention. 12  Ingram, J.C., “The Case for European Monetary Integration”, Essays in International Finance, 98, Princeton University, 1973. BIS central bankers’ speeches  7