Yet to be precise, when considering the present-day situation in the euro area, we should really speak of crises in the plural, since what we experienced was the mutual reinforcement of a banking and a sovereign debt crisis. And only if we carefully analyse the causes and consequences of the crisis can we learn from past mistakes and find solutions.
Individually, national governments are simply not powerful enough. To serve their purpose, they have to learn to govern together; they have to learn to be sovereign together so as to respond to their citizens’ needs. Those needs today are growth and job creation. 6  BIS central bankers’ speeches