The founding fathers of Economic and Monetary Union (EMU) built the European house from its foundations. They could count neither on guidelines nor on predetermined rules. We are still progressing. An ambitious agenda lies in front of the European Leaders. It is a visionary agenda, and despite all the current challenges it is being pursued with determination.
Serious work is currently under way to underpin macroeconomic and financial stability in the euro area. We all know that it calls for determination, resolve and a solid sense of direction.