Considering the long-term perspectives of reforms within the EMU (up until 2025, as the Commission suggests), we can actually indicate various propositions, intended to strengthen the eurozone economically and politically. And yet, we do not know if they will be accepted and eventually introduced.

There is a lot of resistance to redistributive instruments, including those which stimulate growth in weaker countries. These are also the reasons why there is no desire to establish a ministry and minister of finance in the eurozone. We do not know, in this case, what such a minister would be responsible for – would this involve redistributive transfers within the monetary union, or merely increasing budgetary discipline among member states?

Transfer of power in terms of monitoring fiscal policy between state and European levels causes great controversy among politicians

Certain proposals could even make it harder to increase competitiveness for the weaker economies, such as those connected with a drive towards the introduction of standardised tax rates*, minimum social standards and in terms of employment regulation. They could also increase public debt. Further controversies are caused by the idea of communitarian debt*, while some proposals (such as securities backed by with treasury bonds*) seem to increase rather than decrease the risk to financial systems. It will be very difficult to introduce a common representation of the eurozone within international organisations.   

It is even harder to eradicate the shortages in democracy* within the EMU. For years, we have seen an increasing tendency to limit the fiscal competencies of national parliaments without appropriate strengthening of parliamentary representation on the EU level within this field*. The introduction of a  separate parliament for the monetary union without handing over of solid competencies in terms of budgetary policies will not solve the problems covered here. Meanwhile, such a transfer of power in terms of supervision of fiscal policy from the national to the European causes great controversy among local politicians.