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Seizing the moment for euro area reform: A three-step action plan

Enderlein, Henrik, Letta, Enrico, De Geus, Aart, (2017), “Seizing the moment for euro area reform: A three-step action plan”, EUROPP, June

The election of Emmanuel Macron as French President on 7 May gave renewed hope to proponents of the European integration project after the hammer blow of Brexit and fears about a sustained revival of populism. There is momentum in Berlin and Paris now behind the belief that the euro is incomplete and cannot last without major reforms.

We share this view and we also want the single currency to succeed and bring back growth to the euro area. Make no mistake: Europe will inevitably be hit by a fresh economic crisis. We do not know whether this will happen in six weeks, six months or six years. But we fear the European Monetary Union (EMU) will be ill-prepared: too few of the structural weaknesses that triggered the last (and continuing) crisis have been addressed.

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