The euro area crisis demonstrated how weak economic policy coordination and loose fiscal oversight could destabilize a monetary union. To prevent a recurrence of the crisis, economists, political actors and the “Blueprint” of the European Commission are asking for the construction of a deep and genuine economic and monetary union with reinforced governance architecture – beyond the recently adopted mechanisms.
The EMU Choices project improves our understanding of Eurozone reforms through systematic empirical analysis. Overall, the EMU Choices analysis implies that major breakthroughs are hardly feasible without either a new bout of crisis or a protracted period of stability that reduces legacy risks. At the same time, continuous search for consensus designs of EMU reforms makes EU well prepared for the next reform window.
The full agenda will be available soon.
