The EMU does not have any flaws

In May 2017, the European Commission presented its Reflection Paper2 to steer the debate about the deepening of the European and Monetary Union (EMU). The purpose of the Reflection Paper is largely the same as that of other recent strategy papers and speeches that also emphasise the need to strengthen the EMU.

In his State of the Union speech, Commission President Juncker emphasised the prevailing belief that there is now a ‘window of opportunities’ to act. The aim of the Commission’s Reflection Paper is to arrive at a ‘shared vision’ of the future of the EMU.

This article provides a brief critique of the Reflection Paper and outlines an alternative diagnosis for the European crises. It also touches upon a number of measures to strengthen the euro that are not mentioned in the Commission's paper.