Titlebook: Report on the State of the European Union; Volume 5: The Euro a Jérôme Creel,Éloi Laurent,Jacques Le Cacheux Book 2018 The Editor(s) (if ap

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A Currency Democratically Shared Among Democracies European political space is quite specific: it is composed of a multitude of peoples who are very open to each other, interacting massively together and thus subject to transnational conflicts of interest that need peaceful solutions. Democracy must therefore take a different form to take account o

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Conclusion: Where Is the Compass Pointing to?,ntioned in the meeting conclusions, almost entirely dedicated to dealing with migration flows. Is progress in the reform of the Euro Area possible at all? What kind of package deal could be approved by so dissenting national governments?

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Ideas That Made the Euro (and Those That Did Not Make It)strong aversion toward inflation. The European treaties have embedded specific economic doctrines into institutional and precise policy rules. The Great Recession and the subsequent sovereign debt crisis in the Euro Area have shaken these certainties and led to new thinking of macroeconomic and monetary matters.

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The First Twenty Years: Institutions, Policy and Performancet sufficient though. Objectives and statutes were prepared for a stable environment. The upheaval following the global financial crisis required many changes in the implementation of monetary and fiscal policies which have questioned a possible change of economic paradigm.

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Single Market and Single Currency: Intended and Unintended Effectsc inequalities and asymmetries among EU member states, the outlook for more cooperative strategies is now mixed: tensions tend to exacerbate and public opinions are expecting collective action, but agreement on common policies is made more difficult by existing differences in economic situations and performance.

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Real Divergence: How to Fix It?articular attention is devoted to the proposal recently made by the Commission for a new Multiannual Financial Framework covering the period 2012–2027 that includes significant changes in the main EU common policies (CAP and Cohesion policies), as well as more minor changes on the revenue side of the EU budget.

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