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1、bruegelpolicybriefISSUE2012/01MARCH2012THEMESSYREBUILDINGOFEUROPEbyJeanPisani-FerryTHEISSUETheeurocrisisandsubsequentpolicyresponseshaveDirectorofBruegelchallengedtheassumptionsunderpinningthegovernanceoftheeuroarea,jean.pisani-ferry@bruegel.organdtherelationshipbetweentheEuro

2、peanUnion’seuro-andnon-euroAndréSapirSeniorFellowatBruegelcountries.Theeuropolicyregimehasbecomeincreasinglycomplexandandre.sapir@bruegel.orgdifficulttomanage,raisingthequestionoftheaccountabilityofdecisionandGuntramB.Wolffmakingtocitizens.Complexityalsothreatenstocreatefrustr

3、ationforeuro-DeputyDirectorofBruegelareamembers,whichfearthatinitiativestostrengthentheeurowillbeguntram.wolff@bruegel.orghindered,andfornon-euromembers,whichfearthattheywillbede-factodeprivedoftheirsayindecisionsofmajorrelevancetothem.POLICYCHALLENGEItistooearlytodetermineifa

4、ndhowpolicyintegrationwithintheeuroareawilldevelopbeyonditscurrentlimitedmonetaryandbudgetaryremit.Alternativescenarioscanbeenvisaged,fromthebuildingofacoherenteuroareawithintheEU,toafragmentationofthefinancialmarketandageneralised‘variablegeometry’.Policyactionshouldbebasedon

5、theneedto(a)makeroomfordeeperintegrationwithintheeuroarea,beyondthelimitedremitenvisagedintheLisbontreaty;(b)preservetheintegrityoftheEU27anditsessentialgover-Overlappingandcomplexgovernancenancearrangements;(c)ensureequaltreatmentintheapplicationEU27ofcommonrules;(d)ensuretha

6、tcandidatesforeuro-areamember-TreatyonStability,shiphaveavoiceinthedefinitionCoordinationandEuroofitsrules;and(e)balancetheGovernancearea(‘FiscalCompact’)requirementsoflegalclarity,accountabilityandefficiencywiththedesirabilityofexperimenta-tionthroughvariablegeometry.Source:B

7、ruegel.THEMESSYREBUILDINGOFEUROPETHEEUROCRISISandthewaypoli-rules,whiletheEurogroup,con-demandingthaninitiallyper-02cymakershaverespondedhavesistingofthefinanceministersofceived.Althoughallbuttwoofchallengedtheassumptionseuro-areacountries–alateaddi-theEU27areformallycommit-un

8、derpinningtheeuro-area'sgov-tiontothegovernanceframeworktedto