Either through deeper integration, ie a situation in which every member state surrenders decision-making powers in fiscal and economic policy matters to the European level, or by returning to an overhauled Maastricht framework. In the latter case, euro area countries would once again bear greater liability for their own decisions. The first solution is the road to fiscal union with centralised decision-making powers.
Employment continued to grow in the fourth quarter of 2014 and the level of unemployment is continuing to fall gradually from elevated levels. At the same time, the euro area recovery is likely to continue to be dampened by necessary balance-sheet adjustments in a number of sectors and the sluggish pace at which structural reforms are being implemented.