The first is that the people of Europe and their governments are far more attached to the single currency than certain observers have suggested. The second is that our institutional framework is not yet sufficient to complete Economic and Monetary Union when it comes to economic, fiscal and financial matters. The ECB does not currently have a strong political counterpart in these areas.
Thus, our monetary union will remain imperfect, will not be as prosperous as it could be and will face the risk of repeated crises if we fail to address our economic and political differences.