The European Union and the European Monetary Union are no exceptions. The choice is between adapting them to the new conditions or do nothing and risk their dissolution. These institutions were created through the efforts of millions of European citizens since the end of World War II. These institutions have lifted Europe from the darkness of its past.
They have given Europe peace and prosperity. Today, I am certain that our democracies have the determination and the cohesion to find a common way to strengthen these institutions further so that they will remain for our future generations the same source of peace and prosperity that they have been for us. Thank you for your attention. BIS central bankers’ speeches  5