Without a doubt, the Economic and Monetary Union needs to be strengthened. In 2015, the Five Presidents’ Report already spoke about a house that was still being built. In 2017, the European Commission’s report underscored the need to improve its resilience to shocks.

Plus, everyone agrees that the current cyclical environment is propitious for entering discussions on strengthening EMU: it is best to repair the roof when the weather is nice.

Yet opinions still diverge widely over the best path to follow.

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Further reading: Fixing the roof when the sun is shining: on the timing of structural reforms