Since the crisis, however, the design of the union has already been adapted in some important aspects. The establishment of the ESM as a permanent rescue facility and the creation of the banking union remedied design weaknesses that were either ignored or overlooked when monetary union was founded. However, the euro area is not yet permanently crisis-proof.
In contrast, the first rise in interest rates is going to come later than expected. Does that reflect your concerns about the robustness of growth? Growth is still robust throughout the euro area, despite the moderation in the first quarter, and even in the second quarter in certain countries.