As you know, Europe has in recent years faced the worst economic and financial crisis since the 1930s. Growth remains weak and unemployment is unacceptably high, with only the first shoots of recovery showing through. Yet out of these difficulties, some positives have begun to emerge.
The euro area has recognised that, for its collective stability, it has to deepen integration in certain areas – and it is now beginning to do so. What we are seeing playing out today is not so much the “audacity of hope”, but rather the “audacity of necessity”. In my view, the most significant change taking place is the development of Banking Union.