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.