A plan C for the euro

Plan C - the reestablishment of the euro as a common currency in a monetary union with hard budget constraints - would offer the only realistic prospect for a durable EMU, but it is also the least likely to be followed.

Against the background of rising anti-European populism, which culminated in the exit of the United Kingdom from the European Union, there is wide-spread agreement among main-stream political forces that a new effort at reviving the idea of European integration is needed. President Macron wants to join forces with Chancellor Merkel to launch a Franco-German initiative to this end. However, any effort at developing the EU further needs to begin with fixing existing structures where they are in disrepair. Apart from migration policy this affects in particular European Monetary Union.

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