“Europe will not be made all at once, or according to a single plan. It will be built through concrete achievements which first create a de facto solidarity. This bold, but realistic quote from Robert Schuman, one of the founders of the European Union, today, also guides monetary policy and financial stability.” In his keynote speech at the 5th Capital Markets Seminar, jointly organized by the European Stability Mechanism, the European Investment Bank and the European Commission, Klaas Knot discussed the current state of economic and financial affairs.