First, populist movements that oppose multilateralism, free trade and the euro play on factors such as the fear of weak economic growth and rising unemployment. In other words, positive economic developments take the wind right out of sceptics’ sails. Second, a turning manoeuvre can be performed far more successfully after picking up a little speed.
And I cannot neglect to mention a third ray of hope for Europe: we have recently implemented major reforms. By that, I am referring to the EU’s banking union. The banking union was approved in May 2014 and has standardised banking and financial supervision in the euro area.