This Tribune by Jacques Delors, founding president of Notre Europe – Jacques Delors Institute and Henrik Enderlein, associate research fellow at Notre Europe – Jacques Delors Institute and coordinator of the Tommaso Padoa-Schioppa Group, is based on the main findings of the report of this group “Completing the euro – A road map towards fiscal union in Europe“.

Both authors think it is necessary to ask ourselves, in pragmatic terms, what supplementary measures on the path to integration need to be adopted in order for the euro to function properly. They suggest on the one hand to pursue the completion of the internal market and on the other hand to take measures to compensate for a part of the cyclical disparity existing within the euro zone.

Another challenge lies in the balance to be found between a single monetary union and national fiscal policies within a monetary union. To that end, they suggest a “federalism by exception” for the euro zone and the creation of a European Debt Agency (EDA).

It would be beneficial to complete the euro through rapid-impact reforms and through a political compromise regulating shared sovereignty in the euro zone.

This Tribune contains the key elements of analysis of an article published by the two authors in the German newspaper Die Zeit.