Summary of Completing Europe's Economic and Monetary Union

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In the wake of the Great Recession, European Union member states pursued hasty remedies to regain economic stability. These saved the “single market,” but also left the EU vulnerable to future crises. The solution, according to EU president Jean-Claude Juncker, is for Europe to complete the institutional architecture of its Economic and Monetary Union. In this report, Juncker – together with the president of the Euro Summit, the president of the Eurogroup, the president of the European Central Bank, and the president of the European Parliament – offers step-by-step recommendations for how EU member states must work together to bring about a more viable, economic, financial, fiscal and political coalition. This report is a must-read for European policy makers, but getAbstract also recommends it to all European citizens.

About the Author

Jean-Claude Juncker is the current president of the European Commission.

 

Summary

To ensure stability and prosperity for its members, the European Union must find better ways to prevent and respond to crises. Member states must be able to bounce back from “economic shocks” and to grow. The EU will benefit from more integration in four areas:

  1. ”Economic Union” – Shared policies should create new jobs and strengthen the EU economy by serving “Europe’s common interests.” Individual member states should institute bodies that monitor aspects of “competitiveness.” Do, for example, wages increase in keeping with productivity...

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