European prosperity reloaded: an optimistic glance at EMU@20

Amidst current fears of recession and economic stagnation, this note presents an optimistic view of the euro area's prospects over the medium-term. We claim that the EA has a more than fair chance to leave the crisis behind in a much stronger overall position than before, not least vis-à-vis the US and Japan, and to restore the prosperity triangle of efficiency, fairness and stability. Provided we stay on course with determined policy action, a prosperous EMU@20 may well be on the horizon.