At the European level, we are approaching a balance of competencies which, taken in combination, should provide more effective stabilisation. That said, it would seem misplaced to exclude that over time the euro area may move to a new equilibrium. Integration is a dynamic process and we need a certain degree of humility about where it will lead.
If we look at the US, we see that it strengthened its union in different stages, with each stage eventually begetting the next. The creation of the Federal Reserve System in 1913, for example, was followed twenty years later by the creation of the FDIC, a key pillar of America’s banking union. The federal budget also developed significantly at this time.