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Without the implementation of the regulations, the monetary union in Europe cannot work, German Minister of Finance Wolfgang Schauble warned as he spoke to the Economic Council meeting of the Christian Democratic Union at the Wirtschaftstag 2015 event in Berlin, Tuesday. Schauble explained that having a monetary union without a political union is only possible when you make regulations. To stress the importance of following those regulations, he referenced former American President Bill Clinton's election campaign where he famously said 'it's the economy, stupid.' Schauble added he thinks a better formulation would be: "it's the implementation, stupid." The German finance minister added that he thinks "everything else is completely clear; we need to do what we agreed. But that is the difficult part," in reference to the current economic situation in Europe.
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