Research Paper

EUROPEAN VIEW The Future of the Eurozone: A Realistic Approach

Only a few years ago, many renowned analysts and pundits were ready to bet money on the collapse of the Economic and Monetary Union (EMU). Today, after years of significant reforms at both the EU and national levels, far fewer would consider doing so. At the EU level, we now have a much more active monetary policy, a single banking supervision and resolution system, and a European Stability Mechanism to support countries in distress. At the national level, we have adopted stricter budgetary rules, and we have taken important steps in the direction of more modern and competitive economies.

After these early initiatives, however, progress on securing the future of the EMU seems to have stalled due to diverging views and interests among the main member states. This issue of the European View took shape in the difficult political context of the immediate past and present, which has seen growing disaffection with the euro and often the open contestation of the currency by powerful political forces.

Finally, we have not forgotten that Europe’s future does not only depend on the success of the EMU. This is why this issue contains contributions on a variety of other topics, including the Libyan conflict, migration and transatlantic relations, as well as an article calling for a reinvention of Europeanism.

The European View is the policy journal of the Wilfried Martens Centre for European Studies. It is an intellectual platform for politicians, opinion makers and academics that tackles contemporary themes of European politics, focusing on one specific theme in each issue. The journal contributes to the debate on the most important fields of European and international politics. What makes it unique is its hybrid nature – its capacity to involve both esteemed academics and experts on the one hand, and high level politicians and decision makers on the other. Presidents and Prime ministers are regular visiting authors of the journal.

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September 2017

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