At the national level, many structural and institutional reforms are still needed to safeguard and improve the future functioning of countries’ economies and thereby the euro area as a whole. We should also review the way in which national policies are currently co-ordinated in the EU.
Both the Five Presidents Report on “Completing Europe’s Economic and Monetary Union” (2015) and the recent EU Commission paper on the “Deepening of the Economic and Monetary Union” (2017) provide guidance on the way to proceed.