But it is also unavoidable that the euro area will change. We have to move ahead with deeper integration. In a monetary union, the economic policies of each country are by definition “a matter of common concern”.
It is right and legitimate that the euro area establishes much closer oversight of national decisions – for its own sake, and that of the EU as a whole. This means that, like it or not, the euro area has become the engine of European integration. There will be a Europe of different speeds and the euro area will be the fastest.