They are especially  2  BIS central bankers’ speeches  necessary to protect the social model which forms Europe’s identity. This model has been weakened by the crisis but we have to admit that even before the crisis it was no longer on a viable trajectory.
It had been built in the 30 years following the Second World War and with slowing growth it was increasingly financed by credit. Isn’t there a danger of “suffering first” before we see the results of these reforms? But there has already been too much suffering and for too long– and this has been due to a lack of reform!