The Euro Crisis, Economic Governance of the Eurozone and Future Integration (2017:1)
Even though the euro zone's problems play a less prominent role on the EU’s agenda in view of the Union's many crises in recent years, new disturbances may lead to the euro crisis quickly flaring up again. The Union is at a crossroads and may evolve in several different directions. The report “The Euro Crisis, Economic Governance of the Eurozone and Future Integration” by Professor Lars Calmfors is a timely contribution to the debate on the future of the EMU.
The author argues that while further development of the banking union is desirable, fiscal centralization is not realistic in view of strong Euro-sceptic sentiments in parts of the euro area. In his view, the problems with the existing fiscal regulatory system should be addressed rather through the strengthening of national frameworks and by making the system of rules more binding.
The publication is in Swedish with a summary in English and is part of SIEPS´ research project EU and EMU after the economic crisis.