Does the Eurozone need a “treasury”? The answer is no: The Eurozone needs a common fiscal policy to complement the ECB’s monetary policy. But it doesnot need a new institution to take fiscal policy decisions or to execute suchdecisions. The EU institutional framework is well-equipped to perform thesefunctions. Hence, the focus of political energy should be on getting the rightpolicies and instruments in place, not on building new shiny institutions.