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Press, Journal Article

The vote should be regarded as a warning shot in the debate on institutional reform in the euro


It was, in my opinion, a grave error to increase mutual liability without simultaneously

communitising fiscal control rights.

However, if willingness to transfer sovereignty to Brussels is also limited in the euro-area

countries, the monetary union can only be stabilised in the long term by reinforcing individual

national responsibility in order to strike a balance between action and liability.

Incidentally, I mentioned this three years ago in my last speech here at the Munich Volkswirte


On that note, I would now like to conclude my remarks and hand over to Professor James,

whose speech I very much look forward to hearing.

But before I do that, I would like to warmly congratulate today's award winners, and to pass

on my own thanks. I am delighted to receive the Hans Möller medal and see it as a token of

support and encouragement.

Monetary policy and European integration are really not simple topics. Helping the general

public to understand them is an important task. They are topics that do not just concern the

experts, but all members of the general public.

Thank you very much.

* * *

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