European economic governance: State of play and reform proposals

European Economic Governance, the system of multilateral coordination of national policies of European (and euro area) Member States, is a complex framework that has been reformed numerous times. The current system, adopted during the European debt crisis, is criticised on the grounds that it is too complex, opaque and lacks legitimacy. Although the various stakeholders have different views on the content of the reforms, the priorities that need to be given and the timeline of the implementation, most of them agree on the fact that the current system is imperfect and changes are needed to make EMU work better and avoid future crises.