A – What we learned from the crisis is that we have an unfinished Monetary Union. A Monetary Union that seemed to work well in good times, but in harsh times we saw that the institutional mechanisms didn’t work well. There was no crisis preparation, no good crisis management, no joint supervision – many things were not in place before the crisis.
Programs can always be expanded in the future should the resources for them become available, but they cannot be easily curtailed if resources later fall short of commitments. I fear that we may have already committed more physical resources to the baby-boom generation in its retirement years than our economy has the capacity to deliver.