Following what seems to be the end of hostile negotiations, our three presidents Jacques Delors, Pascal Lamy, António Vitorino and Henrik Enderlein and Gerhard Cromme, analyse the dangers and opportunities resulting from the agreement for a strengthening of the EMU.

They identify notably the risks of complacency, the start of a blaming game, and of “fiddling about” in the absence of a long-term strategy and a political vision of the EMU.

However, this agreement could also prove to be a basis for intelligent reforms that push to revisit European fiscal policy, and to reinforce investment and integration.

The authors calls for greater Franco-German cooperation in order to finally realize the historic goal of completing the EMU.

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