Repair and Prepare. Growth and the Euro after Brexit

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Publication Date September 2016
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Reforms and a deepening of European economic and monetary union are vital for the future of the EU. If the euro fails, the entire European project is at risk. These are the key findings of the report 'Repair and Prepare: Growth and the Euro after Brexit', prepared by a group of international experts convened under our auspices and that of the Bertelsmann Foundation and prefaced by Jacques Delors.

The recommendations are based on their conviction that only an overhaul of the EMU and the existing crisis mechanisms can guarantee the long-term survival of the EU. The report puts forward a three-step plan to reform economic and monetary union:

1. A first-aid kit for monetary union that addresses shortcomings in crisis management and economic coordination.

2. Growth in the EU has to be strengthened by a combination of investments and reforms.

3. In the medium term, the euro has to be based on a large degree of risk sharing and sovereignty sharing. This goes hand in hand with developing the permanent European rescue mechanism, the ESM, into a European Monetary Fund under greater parliamentary control.

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ESO: Background information: Euro area reforms [What Think Tanks are thinking]

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