They were spoken back in 1954 by Germany’s first chancellor Konrad Adenauer in remarks underlining the need for a unified Europe. Since then, European integration has proven to be extremely successful in securing peace and economic prosperity, but there have also been shocks along the way which have threatened all these achievements. Europe has learned its lessons.
We have set far-reaching reforms in motion at both the national and the European level. But we’re not finished yet. 2. The euro area – current challenges and recent achievements  Structural problems in the euro area need to be tackled with “structural solutions”. Monetary policy, then, is not a panacea.