Op-Ed: “The Commission reviews the EU’s economic governance: There is time to reflect and time to act” by Napoleon Xanthoulis
On 5 February 2020, the Commission published its review of the EU’s economic governance framework. The Communication comes six years after the Commission’s previous review in 2014, and over a decade since the global financial crisis reached the euro area and became a catalyst for reforming the EU’s economic governance. In this piece, I will discuss some of the Commission’s key findings, adding critical thoughts in selective parts, and trace their capacity to inform the debate on the future of the Economic and Monetary Union (EMU).
In its review, the Commission evaluates the effectiveness of two main legislative packages, namely the ‘six-pack’ (2011) and ‘two-pack’ (2013) and kicks off a consultation process that will be completed