While on the intergovernmental EU wide level the Council has a counterpart on the euro area level, namely the euro group and the Euro Working Group, the executive arm of the supranational EU level, the Commission, and the legislator, the EU parliament, still lack an equivalent for the euro area.
Yet, the principal building ground of the new euro area framework is the economic union. In the long term, we need euro area countries to become more flexible, open and to remain relatively synchronised.