This paper written by Marco Buti identifies the priorities to strengthen the European Economic and Monetary Union (EMU) by 2025 and beyond.
While the EMU has gone through significant reforms since the recent crisis and has become much more robust, further reforms are necessary to improve the euro area's capacity to prevent, withstand and absorb shocks. This paper argues for completing the Financial Union, the Fiscal Union and the Economic Union, all based on solid democratic accountability. A brief historical comparison with the US economic and monetary integration allows putting the necessary euro area reforms into perspective and drawing some lessons on timeline and sequencing.
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