Changes to the institutional framework of EMU were not originally intended, but these now seem to be on the agenda. The ECB and the euro area central banks have voiced their opinion. It is now up to the Intergovernmental Conference to decide if a change in the European stability consensus is in the interest of Europe’s citizens.
I do not intend to comment on whether the UK should join the euro area or not. When the UK requests that it be allowed to move to the third stage, the Council of the EU will have to decide if the necessary conditions - that is to say, the convergence criteria - have been fulfilled. II Europe has changed.