I hope that all countries which today are pressing for participation right from the start are aware of the economic and political implications of a supranational monetary union. Monetary union is not only a route without a return.
In thinking about the growth agenda, we need to pay particular attention to both the potential capital flows and the movements in domestic liquidity, as these are closely related to maintaining stable monetary conditions. Europe is said to be deleveraging. As central Europe deleverages away from peripheral Europe, it is likely that at least some of the funds would be headed towards Asia.