The euro area sovereign debt crisis exposed the institutional weaknesses of our Economic and Monetary Union and notably led to the push for the banking union and the creation of the European Stability Mechanism. Romania has achieved a lot since it joined the European Union.
In short, unusually long periods of economic stability lull investors into taking on more risk. This leads them to borrow excessively and to overpay for assets. A Minsky moment is the point in the cycle when investors have cash flow problems due to spiraling debt they have incurred in order to finance speculative investments.