Reassessing the fiscal and monetary framework of EMU in 2018

Abstract

In 2012, in the middle of the euro crisis, the Four Presidents’ Report outlined a roadmap for the development of the EMU. Since then, Europe has changed. The leading role of the European Central Bank, the creation of the European Stability Mechanism, the development of the European Banking Union, and the 2015 Five Presidents’ Report calling for a further development of the Financial Union and the Fiscal Union, can all be seen as signs of Europe’s capacity to follow a roadmap and grow out of its crises. Yet, the scars of the euro crisis in ‘peripheral countries’, the migration crisis and Brexit have called this roadmap into question, as the European Commission reflected in its 2017 White Paper on the future of Europe. In this session, members of the Steering and Advisory Committees of the three-year, eight-partner Horizon 2020 ADEMU Project will present their findings on the sustainability of the EMU, resilience to economic shocks and the interdependence of the euro area.