This article offers an overview of the eurozone’s economic development since the beginning of the crisis, highlighting the underlying deficiencies in the architecture of the EMU that the crisis revealed. It examines the political response to the challenges that the crisis has brought to the fore, showing that this political response has been substantial and has contributed to attenuating the immediate negative effects of the crisis and to reconstructing a more sustainable framework for the EMU. It offers an overall picture of the challenges that remain and, lastly, presents possible political avenues to be taken in the near future with the goal of moving towards a strong authentic EMU.
Key words: macroeconomic imbalances, economic governance, growth, eurozone
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