I do, however, see the risk that the exit negotiations which have now kicked off between the EU and the UK will absorb so much political attention among European decision-makers that little scope will remain for other major projects. Which makes it all the more important for the member states to embrace reform with renewed vigour.
On this score, the announcements made by the new French president are a positive sign. 3. Taking the institutional architecture of monetary union to the next level Ladies and gentlemen, the economic recovery may be robust, but that shouldn’t blind us to the continued vulnerability of European monetary union. One fundamental stumbling block existed from day one because of the euro area’s asymmetric design.