Niels Thygesen, Professor Emeritus of International Economics at the University of Copenhagen who served on the committee which prepared the outline of the European Monetary Union in 1988 denied the suggestion that the crisis had its roots in the lack of political will and economic consolidation in the 1980s and 90s, before the euro was introduced. But he said there had possibly been "some naivety" and that is was hard to foresee that the single currency would lead to the kind of financial interdependence we see now.