"How to build a genuine economic and Monetary Union?"

Discussions about a closer fiscal and economic integration of the euro area are gaining momentum. Fiscal rules have been strengthened and a two-tier system, with those countries under an adjustment programme being closely monitored, has de facto been established. Furthermore, the interim report “Towards a Genuine Economic and Monetary Union” by the President of the European Council has proposed additional steps of economic integration like an integrated fiscal framework and a fiscal capacity to improve the resilience of the euro area and a specific contractual approach to foster structural reforms. At the same time, some countries have signaled their unwillingness to increase the European budget.

This situation prompted the Conseil d'analyse économique (CAE) and the German Council of Economic Experts (GCEE) to hold a joint workshop which took place in Genshagen near Berlin on May 30th.

Below you can find several papers from GCEE and CAE which have been presented and discussed as part of the workshop:

• Towards Deeper Financial Integration in Europe: What the Banking Union Can Contribute
• Is a fiscal capacity really necessary to complete EMU?
• Download the paper "Completing the Euro" from the CAE-website