The State of Play in the Euro Area: Fixing the EMU for the Long Term
Organized for the European University Institute, this conference addressed the restructuring of Eurozone post Greece and the institution building attempts made to revive growth in the area. The severe democratic challenges in terms of legitimacy that eurozone governance would face moving forward were also discussed at length during this conference. Speakers agreed that the eurozone crisis had damaged mutual trust among member states, widened the gap between voters and the EU, and created new mechanisms of control, surveillance and solidarity that lack democratic legitimacy and parliamentary accountability. There was broad agreement on the need to involve national parliaments more effectively alongside the European Parliament to ensure democratic control over the closer fiscal, economic and banking arrangements being put in place.