Repair and Prepare: Strengthening Europe’s Economies after the Crisis

The idea is to provide strong incentives for all euro-area member states (as well as willing EU member states outside the euro area) to implement structural reforms and commit themselves to an enhanced and more integrated monetary union. Given that the current political environment will render difficult any long-term reform process lacking immediate benefits, the roadmap is accompanied by a modernisation pact that focuses on smart debt reduction and a coordinated investment initiative. Moreover, the study identifies “known unknowns,” thereby providing a clearer view of questions that need to be answered as Europe moves towards a more resilient monetary union. It outlines which areas need to be researched in more detail.