How to Complete a Union That is Built to Last

This paper assesses the proposals in the recent 5 Presidents’ Report on the future of the EMU. The evolution of EU institutions during the crisis is assessed along with the proposals concerning in particular fiscal policy and economic policy decisions. A discrepancy in the concreteness of the mapping for the final move towards common decision taking is documented, with the path towards common decision taking in the dimension of fiscal policy being spelled out in more detail. An effort to eliminate this disparity with respect to economic policies is proposed, as is a deadlock breaking rule that will affect the formation of expectations and that is compatible with the evolution of the Community Method and the Principle of Subsidiarity