Whither Europe after the crisis? Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB, at the inauguration of the Academic Year 2011, IMT, Lucca, 11 March 2011
“The lesson to be drawn is that Europe is still evolving, growing, continuing on its path of integration. This is not happening, however, according to some pre-defined, agreed plan, but rather in response to the challenges it faces, which in some cases are likely to endanger the very existence of the Union. Europe moves forward when it finds itself at risk of taking a step back. At that point the costs of immobilism exceed those of mobility. It manages to find the energy needed to overcome the political difficulties of making another step forward. That step is difficult because it requires a decision of all members now 27 who together are forced to accept that the costs of losing the common good are higher than the benefits of maintaining their national prerogatives, often more symbolic than substantive.”
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