What frightens the public and markets alike is that Europe seems too often unable to act in a unified manner. Hence, I am convinced that if we can advance in one area and show that we can act jointly, this will help us to work together in other policy areas as well.
And we should be under no illusions: if downside risks to the recovery were to materialise, this would not make it easier to respond to the refugee crisis or to counter terrorism. Therefore, the fact that Europe is facing pressing challenges in other policy areas should not discourage us from progressing as regards Economic and Monetary Union.