And I am also sceptical as to whether it will be enough - after taking the decisions in favour of monetary union and the euro - to rely on the emergence of a “spontaneous system”, as called for by Hayek. Certainly, the risk of “constructivist error”, which Hayek warned against with the planned economy in mind, can never be dismissed out of hand.
In other words, one should not overestimate what is possible in each given case. Nevertheless, it is precisely in the area of regulatory policy that there are sufficient lessons to be learnt from the past. This means that there are also guidelines suggesting the approach to follow, a few of which I have tried to point out.