European economic governance: True benefits, Remaining challenges

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statystyki.swiat.150xToday, leaders of the European Union are at a crossroads with regard to economic governance. They can choose to go down the path of 'more Europe" or that of more 'nationalism'. And indeed it appears that under duress from social resistance to reform (specifically to fiscal austerity measures), EU leaders are being tempted down the path of no action or delayed action, possibly resulting in the break up of the Economic and Monetary Union on account of lax fiscal policy discipline.

Alternatively, EU leaders could gather the political will necessary to implement fiscal consolidation, develop and put to immediate use an economic programme of sustainable and manageable growth, in a last ditch bid to save the Monetary Union.

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Viktorija Proskurovska
Adviser, European Banking Federation
This article is written in the personal capacity of the author and does not necessarily represent the views of the EBF