I will argue that at the root of the crisis we find some individual euro area countries pursuing wrong policies, as well as a failing system of mutual surveillance in the euro area. These deficiencies pose a number of challenges for the future of EMU.
In this context, we recognise the continued willingness of China’s decision-makers in politics and business to help the renminbi assume a role in global economic activity that is commensurate with the importance of the Chinese economy. This willingness shows that the renminbi has not yet reached the end of the road as regards comprehensive internationalisation. We therefore look forward to future developments.