Towards a third contract We know that such a bold step as the single currency was conceived as part of a wider process of uniting Europe not only economically but also politically. Today, a new path is being explored: the Convention on the Future of Europe has been established.
Its task is to make proposals on furthering the construction of a united Europe as well as on streamlining and democratising the structure of the Union. If it succeeds in this task, the Convention will help to complement the existing economic constitution with effective and transparent political structures and processes.