Eurozone reform - the devil is out of the box

Today the Commission released a long (very long) awaited package on the reform of the EMU. It's the beginning of the end of a process that started in 2012 with the so-called 4-Presidents Report, led by the then-European Council President Herman Van Rompuy.

Today's package (which can be found  here ) includes 3 Communications, 3 brand-new legislative proposals (2 regulations and a directive) and amendments to existing legislation. It spans from support for national structural reforms coupled with the Eurozone Finance Minister and a European Monetary Fund, much alike what I proposed in a paper for the Journal of Economic Policy- proposal I also discussed one year ago with the ECFIN General Director in occasion of a meeting in the Italian Parliament organized by Eunews. OF course it is far too soon to consider the process finished. For once, I will keep you updated here on the details on the regulations in real time (while I crunch them bit by bit). But of course the fundamental political questions are yet to be addressed. Will member states agree? will a Treaty Reform be needed? will we need any referendums? More soon...