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The state of play regarding the deepening agenda for Economic and Monetary Union

Sander Tordoir, Jacopo Carmassi, Sebastian Hauptmeier and Malte Jahning

Economic Bulletin Articles, 2020, vol. 2

Abstract: This article provides a comprehensive overview of progress with the deepening of Europe’s Economic and Monetary Union (EMU). The start of a new legislative period for the European Union (2019-24) is a natural and opportune moment to take stock of progress towards completion of the architecture of EMU. The agenda that was proposed in the 2015 Five Presidents’ Report has yet to be fully implemented, with outstanding measures in the financial, fiscal, economic and political domains. This article surveys those various domains, looking at the elements that have been completed, those that are still ongoing, and those that are desirable but not yet under way. It then identifies priorities in terms of completing the banking union, deepening the integration of Europe’s capital markets, improving the euro area’s fiscal architecture and increasing the resilience of national economic structures. JEL Classification: E61, E63, F55, G28

Keywords: banking union; capital markets union; Economic and Monetary Union; fiscal and economic governance; fiscal capacity (search for similar items in EconPapers)
Date: 2020-03
Note: 2973356
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