THE CONTINUITY OF THE EUROPEAN PROJECT AND THE NEW GOVERNANCE

Since the signing of the Treaty of Paris, which set up the European Coal and Steel Community (ECSC) in 1951 and so far, things have progressed and the context has changed considerably. The evolution of the European project reveals the fragile foundations on which was build such a union, highlighting the economic and political vulnerabilities, which have existed or may have accumulated over time. In this article we intend to make a brief assessment of nominal convergence criteria by countries participating in the euro area, immediately after the adoption of the single currency and until the financial crisis. By doing so, we aim to emphasize the existence of problems long before the crisis. For the recent years, the analysis includes the new member states of the European Union, over the period 2010 - October 2012. In the second part of the article we want to point out the importance of new European governance for the European project continuity. Reconsidering European integration as a political project with huge responsibilities arising therefrom is likely to keep the euro area on a sustainable path, at least in the medium term.