Abstract
The European Commission recently proposed a Roadmap for deepening EMU. Establishing a European Monetary Fund (EMF) and support mechanisms for structural reforms are reasonable suggestions. However, the integration of the EMF in the Union’s framework must not endanger the conditionality principle. Moreover, creating a sizeable stabilisation function within the EU budget poses technical problems and would set questionable priorities. Furthermore, a European Finance Minister is simply not needed with the proposed design.
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