Examines efforts to strengthen Economic and Monetary Union in the European Union, especially over the last decade. It also reviews the wide-ranging reforms undertaken since the crises of the early 2010s and assesses whether they go far enough.

Public investment has been low in recent years, resulting in shortcomings in infrastructure and other public assets capable of underpinning economic growth and competitiveness. Efforts at the EU level to establish a Sovereignty Fund intended to enhance competitiveness and to respond to the likes...

Ten years on from its launch, it is clear that EMU, which has to be regarded as a more profound regime change than is often acknowledged, has had a pronounced effect on economic governance. As a framework for the conduct of macroeconomic policy, EMU has had undoubted successes in assuring price...