Reflecting on how to run €MU more effectively

The European Commission published a reflection paper at the end of May on deepening economic and monetary union. Iain Begg assesses the strategy for reform put forward, writing that the paper is relatively guarded and does not convey an explicit trajectory for the next stages of development of EMU governance. He argues that unless and until there is a greater sense of urgency when it comes to pursuing reforms, the Eurozone will remain vulnerable and could easily drift into a fresh crisis which it is still ill-equipped to resolve.