A seventh challenge, the role of the central bank as a lender of last resort to the banking system, needs to be addressed on the basis of principles that are consistent with our mandate of preserving financial stability. The principle developed by Thornton and Bagehot is well-known.
The euro is clearly a success. It has created a strong bond between European citizens. We can only influence world affairs if we are united. The single currency allows medium-sized countries like France to speak as an equal to the United States or China. The euro does not constitute a loss of sovereignty, it is a lever of sovereignty.