As shown by these examples of economic policymaking, I would argue that making the euro a success does not necessarily call for the creation of a United States of Europe or some sort of “European superstate”.
In fact, the economic governance of the euro area - although there is certainly scope for improvements in terms of efficiency, effectiveness as well as legitimacy - could be seen as exhibiting essential features of a multi-levelled European polity. Such a political edifice would be based on a respect for the subsidiarity principle and a clear assignment of policy responsibilities and objectives.