M. Buti, M. Krobath: Should the eurozone be less intergovernmental?
Since the economic and financial crisis, the institutional landscape in the EU has changed. While no structure in the EU is perfectly intergovernmental or supranational, we have witnessed an increased tendency to introduce intergovernmental elements in the Economic and Monetary Union architecture during and after the crisis. While such an approach was warranted at the time of the crisis, it should not become a permanent feature of the economic governance framework. In order for the single currency to succeed, Member States need to reduce national biases in decision-making leading to an inefficient equilibrium and recreate a “veil of ignorance” by refocusing on their common goals and fostering trust between each other and in EU institutions.