It is now important to identify the areas where additional progress is required in order to ensure the coherence and cohesion that is necessary for the effective functioning of Economic and Monetary Union. In particular, I believe it is essential that monetary union is more resilient when faced with shocks and fosters all of the potential benefits of integration in terms of European prosperity.
This means moving towards more effective economic structures, 6 but also exploiting the economies of scale and risk-sharing that are made possible by integration. 7 Such economic risk sharing involves chiefly the development of larger and more stable internal markets, 8 as well as rules that protect European consumers and workers within these larger markets, and lastly, a more ambitious fiscal union.