In fact, the present EU Treaty (Article 136 TFEU) may already allow for far-reaching changes of this type without the need to change the Treaty (Piris, 2012). So basically, we have not advanced very far since the discussion we had before starting EMU that I described in the first part of my presentation.
This historical perspective should 4  BIS central bankers’ speeches  make us wary of frequent warnings that there cannot be a lasting monetary union without a closer political union. Now as then, a stronger political foundation would be preferable. But now as then, this stronger political foundation is extremely difficult to achieve.