As I noted in the beginning of my remarks, the Fed has taken extraordinary monetary policy actions, keeping the federal funds rate near zero for nearly six years and expanding its balance sheet to more than $ trillion.
By contrast, it will be much more important on the external side to present the union as a single economic area and, politically, as an economic power factor. To do this, it will be necessary to develop the relevant arrangements and to strengthen the political representation of the currency area on the external side.