11 This is an additional element of the interdependence that the single currency has created among the countries that use it. c)  An imperfect political response  Thus, we have a shared interest in resolving the imbalances and economic fragilities in the euro area. However, the political response during the crisis has been complicated by several factors.
It has been necessary to develop new instruments as a matter of urgency in the midst of the crisis. Some of those instruments, particularly the financial assistance programmes, are governed by a decision-making mechanism which is not conducive to the development of shared responsibility for policies concerning the future of the euro area.