About: Economic and Monetary union Archives

EU heads of states and government would be well advised to announce which strategy for the eurozone they would like to endorse for the next 10 to 20 years, writes Renaud Thillaye, saying three options are on the table: An 'insurance-adjustment' strategy, a smaller eurozone or a fiscal federation.

The financial and economic ills afflicting Europe would be treated more effectively if those who govern the Union - in fact, national leaders gathered at EU summits - were not themselves suffering from amnesia, writes Alain Lamassoure.

The EU isn't sure of its own political future, while Ukraine has no foreign policy strategy at all. However disappointing this may be, in these circumstances both Brussels and Kyiv have no other choice than to "imitate" that they are maintaining relations, agues Viktor Tkachuk.

By March 2012, Europe will finally have a form of fiscal union to govern the single currency. Unfortunately, this will be a pseudo fiscal union as it will be built like a car with no forward gear to drive investments into producing wealth and jobs, writes Jens-Peter Bonde, a former Danish MEP.

According to German minds, monetising the EU's debt via the European Central Bank would only boost inflation and eliminate pressure for Southern countries to reform their economies, says Peter Zeihan, from the Stratfor intelligence commentary website. But it seems like the only tool available right now to prevent a eurozone failure, he adds.

The debt crisis has highlighted the limits of inter-governmental cooperation in the euro zone. Attempting to manage a single currency with 17 separate economic policies is like squaring the circle, write Guy Verhofstadt, Daniel Cohn-Bendit and other politicians at the Spinelli Group, which campaigns for a federalist Europe.

Germany's proposal for a 'competitiveness pact' opens a unique opportunity to forge a real economic, not just monetary union, says Maria João Rodrigues, an economic policy professor and special advisor to the EU institutions. But she also warns about risks of serious divisions which have started to emerge.

As eurozone ministers reflect on how to rebuild economic governance in the wake of the Greek crisis, Jean Pisani-Ferry explores the debate on fiscal federalism and urges policymakers to clearly define options for better coordination.