José Manuel González-Páramo: What has Europe learnt from the crisis? Speech by Mr José Manuel González-Páramo, Member of the Executive Board of the European Central Bank, at the OMFIF Conference “On the cusp: the world economy at a turning point. Strengthening stability at a time of challenge and change.”, Frankfurt am Main, 15 March 2012.
*  *  *  The euro area’s “missing institutions” From its conception the euro was and has been a unique and ambitious project. It combined a centralised monetary policy with decentralised economic policies, and to paraphrase Tommaso Padoa-Schioppa, created a currency that did not belong to a single nation-state.