There are suggestions that may be potentially useful but I have not seen precise proposals that specify the framework and mechanisms for achieving enhanced cooperation in practice. As a central banker I feel that it would not be appropriate to comment on means of enhancing political integration in the euro area.
If there are no changes in the institutional structure or deeper political integration within the euro area, can monetary policy function effectively? My answer would be a straightforward yes, without this implying that certain institutional improvements on the economic and political front would not help enhance the functioning of the European monetary union.