While the Eurozone is currently facing a crisis that leads the EU to look for a systemic solution and a few months after the publication of a blue print  for a deep and genuine Economic and Monetary Union (EMU), it is necessary to go further to deepen the EMU.

This Policy Paper by Maria João Rodrigues draws lessons from international experiences of monetary, fiscal and political unions and identifies the elements that would enable to deepen the EMU. It then assesses the new instruments which were introduced so far in the EMU to respond to the Eurozone crisis.

Finally, it analyses the various political processing that could be used to deepen the EMU and to associate all Member States willing to participate in this new stage of European integration, even if the do not belong the Eurozone.