Challenges for Europe’s Economic and Monetary Union Let me now turn to the overall functioning of Europe’s Economic and Monetary Union. Looking back at 2010 and 2011, notable progress has been achieved in reinforcing economic governance – though I recognise that this may not be evident in times of crisis.
At the same time, setting the stage for a long-lasting recovery requires tackling some structural global challenges, some of which have lacked a determined policy response since even before the pandemic. 5. It is under these exceptional circumstances that last December Italy assumed the Presidency of the G20, laying out its priorities on the basis of three pillars: People, Planet and Prosperity.