After briefly reviewing the progress already made, I will argue that the current debate on deepening our monetary union requires three main elements to ensure the long-term viability of the European project. First, we need to remain ambitious in completing the banking union so as to safeguard financial stability.
Second, we need to revamp our fiscal rules and create a stabilisation instrument to enhance the resilience of the monetary union as a whole. Third, we need to bolster long-term economic growth by implementing structural reforms and harnessing the potential of Europe’s Single Market.