This paper contributes to the EU reform debate that the Commission started with its white paper on the future of Europe. I suggest that we should not only pay attention to the political competences of the EU, but also focus on the restriction of the political room for manoeuvre which derives...

Germany is an undervaluation regime, a regime that steers economic behavior towards deterioration of the real exchange rate and thereby towards export surpluses. This regime has brought the eurozone to the brink of collapse. But it is much older than the euro. It was established during the...