We had to go through a balance of payments crisis in the deficit countries because money was flowing out and we don’t have a good adjustment mechanism in the EMU for asymmetric shocks. And the question in those countries was a big loss in competitiveness. There were structural reforms in those countries.
At the same time, when those countries were hit by asymmetric shocks, there was no compensation by other countries. It is a problem that is quite difficult to solve, but it is a fact that EMU hasn’t functioned very well in this respect. One worry is that the fundamental reflection about how to make EMU work better is not advancing sufficiently.