To sum up, it has to be accepted that the crisis exposed weaknesses in EMU’s original architecture. However, European institutions have responded to the crisis with decisive policies and significant reforms to the original architecture. Those responses will help create a more-effective, crisis-resilient, economic and monetary union in the future.
They reflect one of the most complex, intriguing and powerful aspects of the phenomenon that is generally referred to as globalisation. This phenomenon represents a key issue that policy-makers in Europe and beyond have to deal with.