In these turbulent years, when the return to national remedies often looked tempting, the European Parliament with its true European perspective played a crucial role in ensuring truly European solutions. I am aware that the institutional approach that had to be taken at some instances has created some discomfort especially within your house.
12 In a broader sense, perhaps the underlying cause of the current crisis was complacency. With the onset of the "Great Moderation" back in the mid-1980s, households and firms in the United States and elsewhere have enjoyed a long period of reduced output volatility and low and stable inflation.