The flaws in the architecture and institutional framework supporting the establishment of the Economic and Monetary Union necessitate an urgent rethink of this model to ensure that the euro area is stable and resilient both to common and specific exogenous shocks and to risks of inconsistency among the policies of the various economies.
This is to ensure that the construction of the euro area is supported by all pillars determining its stability and resilience and that it relies on rules and institutions controlling the mutual interdependence between the stability of the whole and each of its parts.