In line with Schumpeter’s unbeatable logic, such policies that make the euro area more robust and its growth stronger will strengthen the euro’s global role. The most pressing institutional reform is the completion of the Banking Union and creating a single capital market for investment, not least for sustainable finance. This should be supported by economic reforms in the EU member states.
I also think there is a need to strengthen the external representation of the euro, as evidenced by the developments in the wake of the global financial crisis. These are, of course, issues to be solved between the European capitals, but there is a sense of urgency to make progress. 3.