The central banks of the Eurosystem have nevertheless become the most important creditors to their governments. This might ultimately call our independence into question. Regarding the resolution of the crisis and its underlying causes, a lot has happened in the euro area in recent years. The countries that were hit the hardest tackled important problems at the root and have since regained competitiveness.
Much has changed for the better in institutional terms as well, albeit not enough so far. One important development is the establishment of a permanent euro rescue facility that can grant conditional financial aid to member states in the event of a crisis.