More than 60 years ago, Jean Monnet, one  1  Standard Eurobarometer 84, November 2015. BIS central bankers’ speeches  1  of the founding fathers of the European Union, said: “Our countries have become too small for today’s world, at the level of modern techniques, at the measure of America and Russia today, China and India tomorrow”. The idea is therefore ingenious and the will of the people is clear. Together, this represents an appeal to policymakers to straighten out what is crooked, to reinforce the foundations of monetary union and once again reconcile the reality of the euro with the idea of the euro. The consequences of the recent financial and economic crisis show what is needed to achieve this from an economic perspective. What we certainly need is a European crisis tool – a mechanism that works quickly, effectively and efficiently in an acute crisis. A first step was taken with the creation of the European Stability Mechanism. But what’s necessary above all are structural reforms at national level, including reforms of social security schemes, labour and goods markets and insolvency laws. Reforms which ensure that the community of 19 countries grow together economically and move closer to the highest international standards. Such a convergence is important, not only to keep monetary union stable in the medium and long term, but also to safeguard economic growth and prosperity.
For that, structural reforms are necessary – at national and European level. At the same time, structural problems are making monetary policy less effective in the euro area. In this context, it seems very odd to me that politicians are now criticising the European Central Bank. This endangers our independence and undermines trust. I would like to see a political class that has the courage to lead public opinion. Politicians who have the confidence to explain to voters that a fully fledged European monetary union is not without an alternative, but that it is worthwhile – even if it’s proving difficult to get there. But once the idea and the reality of the euro are back in harmony, then Eurosceptic voices will not find many listeners. I am convinced of this. BIS central bankers’ speeches  5