Our policy response and the important changes to the architecture of the EMU in the meantime also helped the euro area out of the crisis. In many ways we have a stronger monetary union today than we had in 2008. This is also reflected in the euro’s popularity among euro area citizens, which is currently at its highest level since it was introduced.
But more work is still 3/4  BIS central bankers' speeches  necessary to complete the EMU, so as to make it more resilient in the face of future crises. To deliver its full benefits, the European Union requires permanent political commitment, at both national and European levels, and across policy areas.