The European Monetary Union in Transition
In the wake of the global financial crisis, a complex debate has taken place on the need to complete the European Monetary Union architecture. The article presents the state of this debate on the institutional role of the ECB in times of low interest rates and on the institutional basis of fiscal policy in the currency union and discusses the obstacles to the completion of the Banking and Capital Market Union. Although important institutional reforms were implemented during the crisis in the euro area, it has since become increasingly difficult to find a consensus for new solutions. Specific aspects of the architecture of Monetary Union are currently being re-examined, as concerns about the resilience of existing arrangements in a new crisis have been raised.