A new deal for the Eurozone: remedy or placebo?

The eurozone is out of intensive care and its economic recovery has gathered pace. But the commitments involved in adopting the single currency remain a source of political tensions. Painful and unpopular austerity policies have bred resentment and feelings of disenfranchisement. And the eurozone needs further reform so that it becomes more resilient to the ups and downs of the business cycle. France’s energetic new President, Emmanuel Macron, has fuelled hopes with his a call for a “new deal for the eurozone”. He is pushing for a more flexible EU, and a dedicated eurozone finance minister, accountable to members of the European Parliament from eurozone countries. He also wants the eurozone to have its own budget to facilitate structural reforms, boost investment and address future economic shocks.

• Primary Source

Politico 26.09.17: Macron calls for new EU ‘strategic culture’ (Keynote speech by French President Emmanuel Macron, 26 September 2017) (et al) http://www.europeansources.info/record/macron-calls-for-new-eu-strategic-culture/

ESO: Background information: Euro area recovery and reform [What Think Tanks are Thinking] http://www.europeansources.info/record/euro-area-recovery-and-reform-what-think-tanks-are-thinking/

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