Completing the Euro A road map towards fiscal union in Europe

''This report is the result of the work of the "Tommaso Padoa-Schioppa group", established by Notre Europe to reflect on the future of the Economic and Monetary Union. After a thorough analysis of the roots of the crisis, the report identifies three major challenges the euro area will have to solve in the coming decade:

Preventing large and persistent EMU heterogeneities;

Making the EMU fiscal framework more sustainable and resilient to 'self-fulfilling solvency' crises;

Breaking the nexus between national banks and national sovereigns with the establishment of an appropriate EMU framework for banking supervision and resolution.

To solve these challenges, the report proposes:

Completing and fostering the single market in order to allow the real exchange rate channel to work more effectively;''

read more..