One solution might be to have the European Parliament more involved. But ultimately an enforcer of rules cannot be held accountable for outcomes. The responsibility falls on democratically elected governments to agree the right rules ex ante and give the enforcer an appropriate mandate. If outcomes are unsatisfactory, governments must change the rules and mandates, and explain why to the public. Let me conclude.
Winston Churchill said: “You can always count on Americans to do the right thing – after they’ve tried everything else”. The last 18 months suggest that Europeans, too, may do the right thing, after trying everything else.