In a nutshell, the only way out of this crisis is to map out a credible path towards a stronger Europe. Of course, far-reaching institutional changes can only be based on democratic deliberation, especially as some of those changes would entail an additional transfer of responsibilities to a supranational level.
Any such mechanism should have strong democratic foundations and be subject to appropriate accountability, in particular to the European Parliament. How then can growth be achieved? Price stability and financial stability are essential preconditions for growth. What can then be done to improve the long-term rate of growth of the euro area?