While we should continue to preserve the principle of subsidiarity, the recent challenges for the euro area have provided us with a major institutional lesson: maximising the benefits of the single currency requires not only a strong ECB; it also requires additional strong common institutions.
We need strong institutions to guarantee competitiveness and to encourage sustainable growth; to guide fiscal policies and ensure fiscal sustainability; and to supervise and stabilise the single financial market. We also need strong institutions to engage citizens more closely in the European project.