The European Stability Mechanism was established. The Banking Union was launched, and the euro area banking system is already much more resilient. During the economic recovery since 2013, over 11 million new jobs have been created, and the unemployment rate is down from 12% to around 8%. But our Economic and Monetary Union is still very much unfinished business. Many questions remain.
How to complete the Banking Union? What kind of fiscal capacity will best serve strong, sustained growth? How to make the fiscal rules more counter-cyclical? What kind of safe assets could fly in decision-making, to have liquid financial markets and pave the way for the euro’s global role?