The euro is not equipped for future crises. This is the result of the report by an international expert group. The report puts forward a three-step plan to Reform the European Economic and Monetary Union:
1. A first-aid kit for monetary Union that addresses shortcomings in crisis management and economic coordination.
2. Growth in the EU has to be strengthened by a combination of investments and reforms.
3. In the medium term, the euro has to be based on a large degree of risk sharing and sovereignty sharing.
This goes hand in hand with developing the permanent European rescue mechanism, the ESM, into a European Monetary Fund under greater parliamentary control. read more