Secondly, entrepreneurs believe that profit is what matters most in a new enterprise. But profit is secondary. It is the cash flow that matters. A business that grows fast devours cash. Constant investments have to be made to just keep even. Thirdly, when a business grows, it is necessary to create a management team.
With the introduction of the euro, a gap opened up between monetary policy, which is conducted for the euro area as a whole, and other areas of economic policy, which lie in the hands of what are now 17 national governments.