The above reasoning suggests that the next US tightening cycle will be shorter and shallower than in the past. In other words, I tend to be more on the side of futures markets than of Fed officials as far as the prediction about the level of the base rate at the end of 2016 is concerned.
European integration is a long-term process, one that began after the Second World War and has brought stability and peace to our continent. The crisis is now prompting us to ponder the direction in which our next steps should take us. This discussion is taking place not because we have failed, but because we have been successful.