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Eurozone Politics: Implications for Ongoing and Future Reforms

European Politics
Governance
Euro
Policy-Making
Sonja Puntscher Riekmann
Universität Salzburg
Zdeněk Kudrna
Universität Salzburg
Sonja Puntscher Riekmann
Universität Salzburg

Abstract

The EMU reform momentum faded with the euro crisis. This chapter maps numerous initiatives to reach agreement on further reforms that failed to achieve any progress. It documents the shifts in the Eurozone politics, which rather than bridging the North-South divide, solidified it for the post-Brexit EU. As a result, no breakthrough was achieved in the last 5 years and, spearing for unexpected shock, only marginal improvements are expected in foreseeable future. Nonetheless, the EMU is better prepared for the next crisis as stabilization mechanisms introduced during the last one mature. Moreover, the blueprints for the next reform steps are clearly defined, awaiting the next political window of opportunity.