Moreover, for reform recommendations to be implemented at the national level and not be considered as illegitimate external constraints, it will thus be key going forward for national debates and decision-making processes to more fully internalise what it means to be part of Monetary Union.
If outside recommendations are perceived as being politically too costly, then we need to find solutions that promote national “ownership” of reform efforts. Monetary policy and sound economic policies must be complemented with sound financial sector policies to ensure sustainable growth. The recent crisis has shown that the quality of financial integration matters.