“There were many sceptics concerning the euro, concerning the euro area or generally concerning the ability to create the euro and sustain it as a credible currency”, he says, and adds with satisfaction “The facts have demonstrated that those sceptics were wrong”. And still, what appears to be the most problematic aspect of the monetary union you are heading is its political unity.
In recent years we have witnessed the European leaders’ inability to lead a uniform foreign policy for all the Union’s countries. The Union’s citizens for their part said “no” to a more unified Europe (in two referenda in France and the Netherlands). Can the currency bloc exist in the long term without political unity behind it?