I began this speech with a reference to Walter Hallstein’s conviction to the effect that: “Whoever does not believe in miracles in European matters is not a realist.” But where do I stand with regard to this quotation now that my speech is coming to a close? Well, as I see things, we do not need any miracles in Europe today.
The foundations for achieving stability in the euro area are already in place. However, these need to be enhanced in some important respects and they should be rigorously enforced. It will not be a walk in the park. But neither is it the stuff of miracles. Thank you for your attention. BIS central bankers’ speeches  9