The future of EMU


At the second meeting of CEPS’ new event series on the Future of Europe on November 9th, François Villeroy de Galhau, Governor of the Bank of France, spoke about the future of the Economic and Monetary Union (EMU). In a discussion chaired by CEPS Senior Research Fellow Cinzia Alcidi, the Governor presented his view of the way forward for the governance mechanism enabling the single European currency. In his opening remarks, he deliberated on the steps and conditions necessary to complete EMU, elaborating on four crucial accelerators, which are microeconomic, macroeconomic, fiscal as well as institutional in character. He stressed that monetary policy should not be the only game in town, and that it was also important to strengthen economic policy in order to counter the persistent drag on growth and employment. According to M. Villeroy de Galhau, the currently favourable conditions present an important opportunity to improve coordination and to implement new ideas in European economic governance.


At subsequent meetings organised within the new Future of Europe series, politicians, high-level policymakers, academics and researchers from think tanks will discuss objectives and possible actions in key policy areas. Consult the CEPS website