A constitution for the European Union  A fully developed European identity is evolving only slowly. It may receive an additional boost from the European constitutional process. I am a strong proponent of the European Constitution. However, I have some objections to Articles concerning the foundations of European monetary union.
Precisely because of spill-over effects, they must be subject to mutual surveillance, and corrected if required in the collective interest of the euro area as a whole. This should apply both to fiscal and macroeconomic policies. BIS central bankers’ speeches  3  But surveillance alone is not sufficient.