EU Monetary and Economic Integration
This chapter offers a general overview of the economic integration process in the European Union, putting special emphasis on the Economic and Monetary Union and the sovereign debt crisis, as well as exploring the different scenarios about its future evolution. To that end, the authors present several analytical tools to provide a framework to interpret this process and offer a survey of empirical research in this area to illustrate the academic results regarding the evaluation of the European experience. The chapter also analyzes the challenge of reinvigoration of the integration process to be completed to achieve the Lisbon Agenda’s goal of becoming the world’s most competitive economy while re-orienting the regulatory framework to monitor the financial system and identify potential risks and vulnerabilities. Despite the remarkable progress, the authors contend that a structural rethinking of the European project is necessary in accordance with the principles of subsidiarity and of sustainable and shared development enshrined in the Treaties.