An agreement was signed in August and it is important for the new Greek government to implement it in a forceful way with a view to quickly re-establishing confidence and enabling the Greek economy to recover. That said, the Greek crisis also highlighted the need to simplify the governance of the euro area.
This experience demonstrated, for example, that decision-making by simple majority within a common institution such as the ECB is more efficient and faster than intergovernmental decision-making and that it is necessary to strengthen the convergence of the euro area economies and facilitate the completion of Economic and Monetary Union in the spirit of the “Five Presidents’ Report” published in June this year – editor’s note: composed of Donald Tusk (European Council), Martin Schulz (European Parliament), Jean-Claude Juncker (European Commission), Jeroen Dijsselbloem (Eurogroup) and Mario Draghi (ECB).