And yet while he described the euro as ‘an example of imagination in power’, and underlined that ‘putting the cart of the single currency in front of the horse of political union had been a unique historical initiative’, Ciampi also warned us about the need for unflagging commitment: ‘We now need even more imagination and creativity to blend elements of sovereignty and supranationality, States and federation, and unity and diversity into an efficient institutional framework’.
Moreover, given the high degree of uncertainty regarding future economic developments, the possibility that weak demand will further intensify downward pressure on prices continuously warrants careful monitoring.