*  *  *  Summary: The crisis has raised some fundamental questions about Europe and the future of the euro area. We need to go back to first principles and complete our original vision – to fulfil the economic and monetary union based on price stability.
We know what has worked in the euro area: an allocation of tasks based on the primacy of price stability. And we know what has not worked: a lack of stability orientation in other policy areas. The ability of the central bank to deliver price stability ultimately depends on other policies being oriented towards stability as well.