That will require a great deal of thought about how to deal with future crises that could most easily be solved by an exchange rate adjustment, and it will also require developing a better mechanism to ensure that member states run responsible financial and budgetary policies. It means also seeking solutions to the difficult demographics now confronting many European countries.
And it means the continuation of a courageous and effective monetary policy, and courageous and effective regulation and supervision of the financial system – albeit a monetary policy that could do even better if accompanied by an expansionary fiscal policy. All that has been done so far makes it very likely that EMU – the Economic and Monetary Union – will survive this crisis.