To testify about the fulfilment of its Treaty mandate, various mechanisms of democratic accountability have been installed; for instance, the ECB President has to appear regularly before the European Parliament for questions and answers. There is no doubt that monetary union has - contrary to all sceptics - turned out as a full success.
The recovery from the global recession of emerging market economies, especially in Asia, has been more robust, but even these economies are slowing in the face of weak global demand, and they would benefit from further progress toward a more balanced model of growth led by domestic demand.