From rules to institutions  Still, what adds fragility to our union is the fact that, despite the crucial importance of structural reforms, they remain almost entirely a national responsibility. From the moment countries enter monetary union there is no way to guarantee that they will stay fit enough to thrive within it. In my view this has to change.
Because the cohesion of the euro area depends on all countries prospering, what happens within each one is not just a national interest, it is a collective interest. Every member of the euro area has a vital interest in ensuring that its partners are meeting the membership requirements – and not just at the point of entry, but continuously.