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Almost two decades after the launch of the
euro, it is clear that European economic and
monetary union (EMU) has not fully achieved its
main objectives in terms of sustainable growth,
employment, social progress, cohesion and sta-
bility. Errors in the design of the single currency
amplified the effects of the global economic cri-
sis, incurring huge financial costs, causing social
suffering and generating political tensions both
within and between Member States.
These effects – combined with the impact of
globalization, technological change and migra-
tory flows – have caused massive discontent
among many European citizens, who feel that
the burden of the crisis has not been distributed
fairly. Such sentiments have been a major factor
in the rise of populist, xenophobic and anti-
European forces across the continent, exacerba-
ting political and social tensions and threatening
the very existence of the EU. The result of the
Brexit referendum in 2016 shook the EU to its
core and requires a political response which
does not only address institutional problems
but also tackles the democratic deficit and social
imbalances. In this context, the task of comple-
ting, deepening and rebalancing EMU is argua-
bly the most important item on Europe’s long
political agenda, and is essential if the EU is to
maintain high growth rates over the long term
and to deliver progress towards political and so-
cioeconomic convergence.
Despite the rise in Euroscepticism in respon-
se to the crisis, support for the common curren-
cy has actually increased, and the Eurobarometer
87 survey (for which fieldwork was conducted
in May 2017) recorded the highest level of sup-
port for the euro since 2013. This demonstrates
the need to reform and strengthen monetary
union, but without weakening or destroying it,
as some populists have argued.
Throughout 2017, European leaders consi-
dered the future of the EU. The European
Commission
White paper
and various discussion
documents gave rise to a lively debate on the
range of policy options and scenarios available,
including the future shape of the eurozone.
The election of president Macron in France
and the formation (after lengthy negotiations)
Proposals and prospects for
the reform and completion of
European monetary union
Manuel de la Rocha Vázquez