In a crucial year for the future of the EU, ISPI - together with SoG and SEP (LUISS) - have jointly produced the Policy Brief "Europe 2017: Make It or Break It?". The paper is authored by Franco Bruni (ISPI), Sergio Fabbrini (SoG) and Marcello Messori (SEP).
The European Union, and mainly the euro area, cannot tolerate the present stalemate for another year. Economic and political efforts are needed to produce a set of European public goods, which would be dependent on gradually enlarged and reorganized EU or EMU-controlled resources. In particular, the banking and capital markets union can provide public goods which may help balance risk reduction and risk sharing policies.
This would be an option acceptable to all member states. The production of European public goods should be a preliminary step in the reform of the EU institutions, with a view to creating a federal union (not a federal state) with a neater supranationalization of certain policies and a clearer distinction between supranational responsibilities and policies that member states must enact with full autonomy.
Finding a new path for the EU would be the best way to celebrate the 60th anniversary of the Treaties of Rome.
This paper was produced on the occasion of the International Conference “Europe 2017: Make it or Break it?” held in Rome on January, 24th.