The next decade of monetary union

Editorial says that the eurozone needs further substantial reforms to prosper.

The good news for the European monetary union is that it has survived the biggest economic crisis since the 1930s. The bad news is that it confronts huge further challenges. One of these challenges – the need for greater flexibility in the economies of member states – is widely recognised. The other – the need to rebalance demand within the eurozone – is not, so far. In its absence, huge stresses will be placed not just on the eurozone, but on the world economy.