Growth in any individual European country has to be the result of policies for growth pursued in that country consistent with budgetary discipline.

As to the question of elected or not elected, each member of the European Commission has been appointed jointly by the governments of the 15 member states, and undergone individual scrutiny and a vote of confidence from the European Parliament.

In the area of macroeconomic policies, I think we'll see more centralization, like in the budgetary sphere.

Italy even in the future will not need aid from the European Financial Stability Fund.

I know this isn't a widespread view in the Anglo Saxon world, but I believe that much of the reconciliation between more centralized governance and the scope for democracy - democratic control - will be resolved through an even stronger role of the European Parliament.

If governments let themselves be fully bound by the decisions of their parliaments without protecting their own freedom to act, a breakup of Europe would be a more probable outcome than deeper integration.