For one thing, it provides early evidence that markets function more efficiently if the state sets an incentive-compatible framework in terms of smart regulation and law enforcement. The liability principle is essential. And institutions matter. That was true for the functioning of ancient marketplaces and that is true for the economic and monetary union. "The whole is greater than the sum of its parts."
This sentence, which is attributed to Aristotle, concisely sums up the idea of European integration. In this context, Greece is more than the cradle of Western civilisation: it is very much a part of Europe, and a prosperous Greece will contribute to making the whole greater. A more stable economic and monetary union is in our common interest.