At the same time, we need to be fair: this has not been just a crisis of politics or a crisis of the EMU. The economic theory and especially the modern theory of finance have been challenged. This crisis has cast doubt on many commonly held beliefs from the last 25 years. Many textbooks will be re-written.
BIS central bankers’ speeches  1  But still there are issues which we have learnt in economics and economic history which have passed the test. First: A growth model based on ever-growing debt levels won’t last. Second: The stability of the whole economy is important, not only the control of public deficits. The economy needs to be competitive.