I don’t believe that we need central banking, monetary policy or our national monetary unit. Without this, we can’t avoid two essential problems – politicization of the monetary politics and also its competitiveness. But by saying this I do not wish to imply that in this particular case of devaluation of the lari the central banking system was the major problem. Quite the opposite.

If we take a look back at how the integration process evolved, the ‘state of tension’ between the community (the EU) and intergovernmental methods has always been present. The establishment of the three Communities in the 1950s was a reflection of how the process relied on the community method: this is how the creation of the Community common market began.