In light of the multiple challenges facing Europe today, the European Commission has started a broad debate on the future of the EU. The euro is a large part of that discussion. Over the years, economic and monetary integration has made us stronger.

The euro is now shared by as many as 340 million Europeans in 19 countries. It is the second most used currency around the world. It has brought stable prices and has become a part of daily life for most Europeans.

But the financial crisis, although it started elsewhere and for different causes, underlined the weaknesses in the way we set up the euro.

The lingering social crisis in many member states undermined trust in the euro’s performance. Important reforms since the crisis addressed some of the gaps and shortcomings in the euro’s construction.

But we are still some way from a complete and resilient Economic and Monetary Union.

Moreover, making progress has proved difficult, as views and positions differ. The Commission has published a reflection paper to unblock this debate and build a broad political consensus – a shared vision – for the euro.

We need to be clear about some key principles.

We need to further adapt our political process. With further economic integration comes political integration

Reducing risks in the system and sharing them more broadly need to go hand-in-hand.

The euro should remain open to all EU countries, so further integration among members should not risk the unity of the single market. And we need to further strengthen the transparency and democratic accountability of decision-making.

With those principles in mind, we see key areas for short- and longer-term action and we propose options to stimulate the debate. A fully integrated and safe financial system is essential.

We have already improved oversight of banks as well as the rules and mechanisms to deal with banks when things go wrong. Building on that, we need to complete the banking union with further measures to reduce risks, including recently proposed legislation and a strategy to reduce non-performing loans and with a European Deposit Insurance Scheme and a backstop for the Single Resolution Fund.

We need in parallel to accelerate the capital markets union.

This will both generate additional funding for our companies and share risk via private channels.

A more integrated economic and fiscal union could involve strengthening elements of European economic policy coordination, making sure all countries complete the reforms their economy needs to generate sustainable and inclusive growth.

It could also imply im-proved financial support from the EU budget to structural reforms.

Creating a macroeconomic stabilisation function for the euro area can be considered to assist countries when they get hit by an economic shock too large for them to cope on their own. There are various ways of doing so such as a European Investment Protection Scheme to secure investment at times when funding in national pockets dries up.

Any option chosen cannot be allowed to lead to permanent transfers between countries or to transfers in one direction only, nor undermine the incentives for sound fiscal policy-making at the national level.

Finally, we need to further adapt our political process. With further economic integration comes political integration. We work ever more closely together with the European Parliament, national governments and parliaments, and with social partners and stakeholders at every level.

The single currency is one of Europe’s most tangible achievements.

It is much more than just a monetary project. It was conceived as a promise of prosperity.

To safeguard that promise for future generations, we need to have the courage to work on completing this project now.

Valdis Dombrovskis is European Commission vice-president in charge of the Euro and Social Dialogue, Financial Stability, Financial Services and Capital Markets Union.

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