An economic government for Europe

After five years of experience with the euro, the economic governance of economic and monetary union (EMU) has clearly proved to be suboptimal. This situation is harmful and possibly dangerous. Public opinion does not acknowledge the benefits of monetary union and underestimates its achievements. The ECB is often treated as a scapegoat for disappointing economic results. EMU is virtually ignored in international fora. The promises of faster growth in the euro area have yet to be fulfilled

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