Over the long term, steps towards ensuring the democratic accountability of EMU governance and decision-making could include: a full-time permanent chair of the Eurogroup, the Eurogroup established as an official council configuration, a fully unified external representation of the Euro area, the setting up of a euro area Treasury and a common finance minister (i.e.
a common fiscal capacity), the setting up of a European Monetary Fund and the integration of remaining intergovernmental arrangements in the EU.