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Over the past few years, Europe has made extraordinary progress in responding to the financial crisis. But the future of Europe’s Economic and Monetary Union (EMU) depends on three crucial components: greater economic convergence, greater openness within the single market, and greater resilience to asymmetric shocks. Achieving these goals does not depend on (further) technical discussions, but on forging a new political consensus in favour of a more supranational approach...
The EMU’s old architecture and its political foundations have been shaken. We must build a new economic edifice atop new political foundations. A purely intergovernmental approach will not work. Common EU-wide solutions are necessary, although they require Member States’ willingness to pool a greater share of their sovereignty.
This might be tricky, given today’s general disenchantment with Europe. But offering a clear prospect of a better and fairer EU is the best way to mobilise public opinion and face down anti-European political forces ahead of next year’s European Parliament election.