It is beyond question that, in the right areas, Monnet’s method has helped European governments regain control over events and exercise effective sovereignty. And it is highly likely that the number of challenges that require such an approach will rise.
The forecast growth rates for 2007 and 2008 (by the European Commission, the International Monetary Fund and private sector institutions) are above the range of available estimates of the euro area’s potential growth. Therefore, a key issue is whether structural changes underlying the ongoing expansion of the euro area economy imply a gradual improvement in its potential growth rate.