##ued currency, from the absence of competitive devaluations, from a market larger than the national one and easily accessible. countries such as ours that came from repeated bouts of inflation and currency crises have obtained stable prices and low interest rates, two basic prerequisites of economic development. we have taken little advantage of it. political inertia, disregard of the rules and mistaken economic decisions have favoured the emergence of internal imbalances, long obscured by the euro and unheeded by the markets, which today put the entire european edifice at risk. we feel the absence of some of the fundamental characteristics of a federation of states : decision - making processes that favour the adoption of far - sighted policies in the general interest ; shared public resources for financial stability and growth ; rules that are truly accepted ; and commonly agreed and timely measures for the financial system and banks. these are tasks and conditions that lie outside the sphere of the european system of central banks : they imply political responsibilities, both at national and european level. the eurosystem and the european central bank cannot be called on to shoulder them ; what they can do is fill temporary vacuums, contribute to policy analysis and design. in the last three years, driven by the tensions in the markets, significant progress has been made in reinforcing euro - area governance. but the decision - making processes, conditioned bis central bankers ’ speeches by the intergovernmental method and the principle of unanimity, remain slow and tortuous. a change of pace is required. in the immediate future, above all the need is for convergent manifestations of the unshakable will to preserve the single currency. if governments, the eu authorities, the european central bank itself, judge the progress of the troubled countries in financial restructuring and structural reform positively, this must be followed by a practical commitment on their part to orient the markets ’ assessments in the same direction. the current yield spreads of government securities do not seem to take account of what has been accomplished : they fuel further imbalances, leading to a redistribution of resources from countries in difficulty to those perceived as sounder ; they impede the correct operation of the single monetary policy ; they are a source of risk to financial stability, an obstacle to growth. the instruments of financial assistance to states in difficulty must be made more effective in operational terms. there must be the possibility of intervening promptly in the securities markets and directly in favour of banks, with procedures that are more

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