The debt crisis in the euro area showed us that the Maastricht framework was unable to prevent sovereign debt crises and had also failed to effectively counteract other unsound economic developments such as a severe loss of international competitiveness and excessive current account deficits.
During the crisis, as you are well aware, we then set up the much-publicised European rescue packages during the crisis and took other measures – including through the Eurosystem – in order to prevent the crisis from escalating. But at the same time, these measures undermined the principle of individual national responsibility.