Albeit in a situation of emergency, and not without some hesitancy, European policies have achieved significant progress during the crisis: the strengthening of fiscal rules, the extension of multilateral surveillance to macroeconomic imbalances other than those of public finances, the establishment of common funds for financial assistance to countries in difficulty, and the launch of the Single Supervisory Mechanism.
As I have observed on other occasions, the euro is a currency without a state and suffers from this deficiency. To complete the journey towards integration other essential elements of sovereignty need to be shared; Banking Union, now being implemented, should be followed by the creation of a true common budget.