As exchange rate developments are the result of the full set of economic policies which have been pursued, general orientations should also involve a thorough discussion on fiscal as well as other economic policies. Misalignments may also be the result of policy actions outside the euro area. Hence, the implementation of general orientations should also involve a dialogue with non-EU policy makers.
Europeans seem to be nostalgic about an irretrievable past and increasingly afraid of the future. They tend to see developments over the years in a way quite different from the reality. One of the victims of this syndrome is the European Union. The ultimate victims, however, might be Europeans themselves.