Eurozone ten years after the crisis. Structural weaknesses, implemented reforms and the future of the reform process

Abstract

The article discusses the structural weaknesses of the Economic and Monetary Union (EMU), key reforms introduced after the financial crisis and the most important proposals of further EMU reforms present in the public debate. Reforms introduced during the last decade should be deemed to have positive results, however the EMU reform process has not yet been finished. Its successful completion depends on an agreement between Germany and France, which is hindered by conflicting economic interests and by different views on economic policy. The main purpose of this article is to demonstrate how public policy makers attempt to respond to the structural weakness of the Economic and Monetary Union and to identify the key factors, which impede an agreement between France and Germany

Keywords

• Eurozone (euro area)
• Economic and Monetary Union (EMU)
• EMU reform
• European Union
• Eurozone crisis
• financial crisis