Completing Economic and Monetary Union 1: Economic Union
The EU wants to strengthen "economic policy coordination, convergence and solidarity" in the eurozone. It therefore proposes the creation of four Unions: an Economic Union, a Financial Union, a Fiscal Union and a Political Union. This cepPolicyBrief deals with the Economic Union. Economic Union involves the creation of independent National Competitiveness Boards as well as stronger focus on employment and social policy.
In cep's view, National Competitiveness Boards will have no significant influence on the policy of those Member States that are not willing to undertake fundamental reforms. Coordination of the Boards by the Commission may either promote or hamper reforms depending on political expediency.