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Economic integration

Information file: Completing European Economic and Monetary Union

After the 2008 economic crisis the States of the euro zone realised that the Economic and Monetary Union (EMU) was not complete and that consolidation was required. Initiatives have been taken to this effect with the introduction of the financial solidarity mechanisms, the European Stability Mechanism and the project for banking union. However there is still major divergence in terms of Economic and Fiscal Union, notably regarding European involvement in national decisions and the timeliness of a common euro zone budget. Moreover the need to strengthen the institutions and for greater democratic legitimacy on the part of the EMU is increasingly evident, going hand in hand with a deepening of euro zone integration. After presenting the main direct effects of the economic and financial crisis on the European economy, the Robert Schuman Foundation offers its readers an instructive set of papers on “post-crisis” issues implied by the economic governance of the euro zone and on the proposals to improve its efficiency and its legitimacy.
The Schuman Report on Europe, State of the Union
The Economic and Monetary Union: Which Reforms?
Towards a Financial Union: the setting up of the Banking Union
Towards a Fiscal Union
The Political Union: Accountability and Democratic Legitimacy
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