The ECB is responsible for monetary union, in full independence. The national governments, individually and collectively, duly enlightened by the Commission, are responsible for the Economic Union. The European governments have to fulfil their duties in full. They must face up with the present difficulties by implementing rigorously their national adjustment programmes and by considerably reinforcing their collective governance of Economic Union.
We all have to be guided by a clear sense of direction towards the consolidation of EMU and the strengthening of European unity. In an international  BIS central bankers’ speeches  5  environment which comprehends so many hard challenges and so many opportunities Europe must be ahead of the curve and not behind the curve.