Ladies and gentlemen, having “prepared the ground” on the basis of existing evidence, allow me to elaborate now on possibly the most controversial aspect of my aforementioned proposition, namely that Economic and Monetary Union will, in itself, act as an impetus for further deepening.
Now, our challenge is dealing with the consequences of this “apparent” success. In particular, surges in capital flows. As Fed Reserve Chairman Ben Bernanke stated, emerging markets have been attracting capital because we have remained resilient even at the height  BIS central bankers’ speeches  1  of the recent crisis. Essentially he was saying we are the victims of our own success.