Twenty-five years ago, the European Council tasked a group of central bank governors chaired by Jacques Delors, then President of the European Commission, with identifying ways in which a European monetary union could be structured. The Delors Committee’s insights can teach us a number of key lessons to this very day.
To underpin the financial and fiscal spheres with strong growth, we need to reflect on how to bolster the implementation of structural reforms – an area which has seen lacklustre progress in recent years. As we look for ways to increase potential growth, Brexit also reminds us of the opportunities available by deepening the Single Market – the “E” in EMU.