In this context, let me refer to Joseph Schumpeter, one of the greatest economists of all time, who wrote: “The condition of the monetary system of a nation is a symptom of all its conditions. "1 SLIDE 2. Schumpeter’s Triangle What Schumpeter said about a nation, goes today as well for Europe as a whole, for our Economic and Monetary Union.
What happens to our money, is a reflection of the state of our union and its economy, of the society and the democracy. So we have to take a broad view. 1. Let me start by pondering the root causes of populism. Pinpointing a single underlying reason for this development is impossible.