Financial, economic and sovereign debt crises have called into question macro-economic and monetary integration in Europe in general, and the future of the eurozone in particular. It is possible that even the future of the European Union (EU) as a whole is at stake. Starting with the reforms of European economic governance hitherto agreed, this article develops three scenarios for the eurozone and explores their possible impact on the EU in general. The mix of procedures, both inside and outside the EU legislative framework and with varying groups of participants, offers a starting point for the emergence of an ‘Optimal Institutional Architecture’.
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