The EU’s incremental adjustments to the eurocrisis may not be enough to meet the coming challenges to its governance and democratic legitimacy.

Since the beginning of the eurozone debt crisis three years ago, the member states have been forced to change the governance of the eurozone in a long period of crisis management. Daniela Schwarzer looks over the major changes to the EU’s governance structure, arguing that the European Council, Germany, and the European Central Bank have moved to the centre stage, often leading to the marginalization of other supranational actors and smaller member states in decision making. She argues that while the eurozone has shown a remarkable capacity to adjust thus far, it may need far more fundamental reform to its institutional set-up if it is to cope with looming problems of governance and legitimacy.