It is an honor and a pleasure to participate in the ECB Forum on Central Banking, and I thank you, President Draghi, and other members of the ECB Board, for inviting me to take part.1 Although the topic of the conference is inflation and unemployment, I will take another perspective by discussing some of the past, present, and future challenges that have and may in future confront the ECB and the euro area. My theme is taken from Jean Monnet, who in 1976 wrote: "Europe will be forged in crises, and will be the sum of the solutions adopted for those crises."2 This quote is discussed in the interesting recent paper by ... (full story)