Economic and Monetary Union has undergone a profound transformation since the euro’s introduction in 1999. This conclusion summarizes the key points from the previous chapters and considers possible roads forward for EMU, including a euro area breakup and more euro area integration in terms of financial, fiscal, economic and political union. The proposals from the Five Presidents’ Report (Juncker et al. 2015) will be considered, linking them to themes developed earlier regarding markets, government and democracy.
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