Abstract
The Euro Area is navigating uncharted waters: it started, in slow motion, to slide towards a fiscal federation, while still lacking both the fiscal capacity and the democratic qualification to achieve this goal. Strengthening the EMU democratic profile is a fundamental requirement for the sustainability of the EMU as much as its completion with a fiscal and economic arm. Yet, according to the Five Presidents' Report released in 2015, no substantial progress is expected to be achieved before 2025. Against this background, this paper is structured in two parts. The first part discusses the rationale for the creation of a fiscal capacity and for coordination of economic policy The second part proposes a new mechanism - a Joint Budgetary Procedure - to strengthen the Eurozone governance in a Treaty-neutral way, paving the way for smoother implementation after the 2025 assumed Treaty change.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
