Crisis requires us to make another leap forward in the process of EU fiscal integration

 Europe as a common shield: protecting the euro area economy from global shocks

Keynote speech by Fabio Panetta, Member of the Executive Board of the ECB, at the European Parliament’s Innovation Day “The EU in the world created by the Ukraine war”

So if we think back to those words of Jean Monnet, the current geopolitical , recognising that it is an illusion that EMU can function smoothly without a fiscal capacity at European level to respond to such external shocks.

Brussels, 1 July 2022

https://www.ecb.europa.eu/press/key/date/2022/html/ecb.sp220701~254252d76e.en.html

Stora språnget – Wikipedia

Prodi: It is politically impossible to propose that now. But some day there will be a crisis and new instruments will be created."

"I am sure the euro will oblige us to introduce a new set of economic policy instruments. It is politically impossible to propose that now. But some day there will be a crisis and new instruments will be created."

Romano Prodi, EU Commission President.  Financial Times, 4 December 2001

https://englundmacro.blogspot.com/2011/12/prodi-it-is-politically-impossible-to.html

If the euro area wishes to avoid the nuclear option of complete disintegration, it will have to make the leap towards fiscal union.

Jean Monnet, the EU’s godfather, the French functionary, believed in gradually unifying post-war Europe through discrete projects run by a caste of technocrats, with the end-point left deliberately ambiguous.

Europe, he said, “will not be built all at once, or as a single whole: it will be built by concrete achievements which first create de facto solidarity.”

It is time to set Monnet aside. Tell voters what the real choices are.
 
The debt crisis is exposing problems in the basic design of the European Union  

The Economist print 2 September 2011


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