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Toward a Closer Union in Europe: Elusive Mirage or Reality Within Grasp?

In: The Euro and the Crisis

Author

Listed:
  • George Kopits

    (Woodrow Wilson Center
    Portuguese Public Finance Council)

Abstract

In the wake of the euro debt crisis, there have been multiple initiatives to repair the EU structure and governance, focused on the existing financial and fiscal framework. On the financial front, major steps—albeit still under construction—are taken toward unifying and strengthening banking regulation, supervision and resolution. By contrast, on the fiscal front, efforts in redesigning the existing framework so far have not been matched by progress toward unification. Likewise, practically no headway has been made in merging other key policy areas, such as defense, internal security, or external relations, as envisaged in the Treaty of Maastricht. Beyond taking inventory of what has been accomplished, the chapter explores the prospects and tasks for further political and fiscal integration—in line with well-known guiding principles, including subsidiarity and solidarity.

Suggested Citation

  • George Kopits, 2017. "Toward a Closer Union in Europe: Elusive Mirage or Reality Within Grasp?," Financial and Monetary Policy Studies, in: Nazaré da Costa Cabral & José Renato Gonçalves & Nuno Cunha Rodrigues (ed.), The Euro and the Crisis, pages 339-355, Springer.
    • Handle: RePEc:spr:fimchp:978-3-319-45710-9_20
    DOI: 10.1007/978-3-319-45710-9_20
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