The new euro area framework is an opportunity. BIS central bankers’ speeches  7  Some final remarks All currency unions evolve in their early years. Their institutions adapt to changing circumstances, as we saw for example in the US, and several federal states in Europe and even in the UK. The idea of Europe’s Economic and Monetary Union (EMU) has evolved over decades.
The euro area envisaged in the Werner Report of 1970 was ahead of its time, but planted important seeds. The Maastricht Treaty was a milestone and the most that Europe could have achieved 20–25 years ago, but that was not enough. There were various flaws in EMU’s design and governance. In retrospect, systemic risks were partly endogenous.