Despite significant improvements to its architecture over recent years, there is a clear sense that Economic and Monetary Union, or EMU, remains incomplete. There is much less clarity and precious little agreement on what a complete EMU would look like, however. This is why the question posed by the organisers – “how much federalism” – is so relevant.
In my remarks, I would like to first review how federalism has evolved in the EU, highlighting that it is as much a process as it is an end-state.