However, the decisions must be explained, the approval procedures followed and sometimes political compromises have to be negotiated, and all within a system of 17 sovereign democracies. Thus, once the decisions have already been implemented, we find that expectations have changed and that these decisions are now taken for granted.
This complex relationship between governments and markets is another reason why it is essential that we achieve a closer and deeper economic and financial union in order to ensure a stable future for the euro. The logic of the original design of EMU, a single or federal monetary policy, coexisting with decentralised economic policies, was linked to the principles of subsidiarity and democratic accountability.