And although the clearest manifestation of this backlash is visible outside of the EMU in the form of Brexit, within the euro area the appetite for further far-reaching reforms is at a rather low point as well. This is not surprising if we look back and see how fast, sometimes contentious measures had to be implemented, in response to the sovereign debt crisis.
Strengthening of the fiscal rulebook and the introduction of the European Stability Mechanism were big steps towards further EMU integration. However, in a semi-permanent mode of crisis-management, policy makers had little to no time to involve their constituencies. The magnitude of the euro area debt crisis was amplified by the fact that channels through which macroeconomic stabilization could take place, were insufficiently developed.