They are the result of a process which has tested the patience of the citizens and the financial markets alike. The crisis, and the enormous tensions which were created by the diverging financial situations of the member countries, created a climate where all initiatives to surrender national sovereignty were politically very difficult.
But this makes the achieved progress all the more impressive, as it demonstrates how strong the underlying commitment to the practice and idea of European integration still is, more than 60 years after Jean Monnet was drafting the plans for the European Coal and Steel Community. 4  BIS central bankers’ speeches