Banking on a European revamp

Europe’s economic strength has been compromised in recent years. For the EU to thrive again, things need to change, writes Jean-Claude Trichet

THE creation of Europe’s economic and monetary union is unique in the history of sovereign states. The eurozone constitutes a “society of states” of a completely new type, one that transcends the traditional Westphalian concept of sovereignty.

Like individuals in a society, eurozone countries are both independent and interdependent. They can affect each other both positively and negatively. Good governance requires that individual member states and the EU’s institutions fulfil their responsibilities. Above all, economic and monetary union means just that: Two unions, monetary and economic.