Finally, reforms in various countries such as Spain and Italy have already started strengthening those economies. That is why our recovery is now solid, and the main risks to it come from outside of Europe. Is there a before and after for the euro area following the Greek crisis?
Policy-makers are learning that being part of the single currency comes with benefits but also with responsibilities. Monetary union is not a technical enterprise: it is a political project. A stable monetary union requires convergence in economic performance, sound national policies and a sense of shared responsibility, with common instruments.