The Economic and Monetary Union (EMU) is not an end in itself. It is a means to provide stability and for stronger, more sustainable and inclusive growth across the euro area and the EU as a whole for the sake of improving the lives of EU citizens.

Following the outbreak of the economic and financial crisis, the European Union took unprecedented measures to strengthen the Economic and Monetary Union and make sure that Europe is better prepared for future shocks. As a result, the euro area architecture is now much more robust than before...