A smart Move: Why the Five Presidents´Report is cautious on Substance and ambitious on Process

The recently published “Five Presidents’ Report” proposes a reform of the Economic and Monetary Union (EMU) along four dimensions: economic, financial, fiscal and political. This policy paper summarises our assessment of the proposals. In view of the political circumstances, it is a smart report. Compared to the 2012 Four Presidents’ Report, the document contains few entirely new insights, but it offers a clear timeline and sufficiently ambitious proposals for the near term.