Finally, thanks are also due to the three Deputy Governors and staff of the Bank for keeping the many activities of the South African Reserve Bank at a level where the Bank has come to be respected as one of the most efficient institutions of its kind in the world today. BIS Review 77/1997
Drawing on John Rawls’ thinking,1 I would argue that Member States will agree on a new “social contract” only behind the veil of ignorance, not when the house is still on fire. The euro area thus needs to achieve a higher degree of economic convergence and to address the issue of the legacy arising from past national policy mistakes.