Sharing a single currency implies a substantial sharing of sovereignty and economic integration, going well beyond the requirements of a single market. There are a number of possible options to enhance effectiveness and legitimacy of decisionmaking in the euro area.
For example, a permanent Eurogroup President as the nucleus for a euro area Finance Ministry with proper analytical capacity and more autonomous decision-making powers could be a step in the right direction. This could be accompanied by stronger accountability towards the European Parliament, in particular for the implementation of the governance framework, for example in a euro-area sub-committee of the European Parliament.