Euroland at a crossroads – A Review of the debate on the reform of the Eurozone, A collective work coordinated

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In a European Union in great practical and moral difficulty, the eurozone is looking more and more like Europe’s ‘hard-core’ – that has resisted the shocks absorbed by our continent in the past 10 years better than the rest. And this is to be expected: the eurozone is composed of the countries that have chosen the fullest integration. Sharing the same currency, they are firmly embarked on the same course and have no choice but to find ways to live together. Sharing the same currency entails talking about common taxation and joint investment. Automatically, this raises questions about the means of providing this financing capacity: Defence, social, environment, economic recovery, employment etc. A political Europe, therefore … and democratic as well hopefully … Are we finally getting there?

Problem: The Eurozone is not the EU … how to build a democratic Eurozone while all eyes are fixed on “Brussels” and while the only mechanisms supposed to connect citizens to the European institutions are connected to the EU (European election, European Parliament)?

Through this review of texts contributed by people both eminent and complementary in their profiles, LEAP wishes to affirm the political proposal to democratise the eurozone and demonstrate its potential for modernisation: the eurozone is a terra incognita at the heart of the EU and, as such, provides the perfect opportunity for the development and construction of the Europe of tomorrow that citizens need to seize. This Special Review provides a rarely acknowledged opportunity to make possible a ‘storming of the Bastille’ of the Eurozone!






– Re-engaging the Eurozone’s citizens (Robert Polet)

The situation
– What future for the Eurozone? An overview of the current policies on offer (Adrien Piquera)
– Chronological markers – The European Commission’s Proposals (Robert Polet)
– Interview: Thomas Wieser, Euro Eminence Grise (Thomas Wieser)

Expert glances
– Strengthening the Economic and Monetary Union (Philippe Maystadt)
– A European Monetary Fund – Why and how? (Daniel Gros et Thomas Mayer)
– Dollar Hegemony and Monetary Multilateralism (Cédric du Monceau)
– The international role of the euro – concepts, empirics and prospects (Benoît Cœuré)

External views
– RMB and Euro to play greater roles in international monetary system (GAO, Haihong et LI, Yingting)
– The Eurozone crisis and ways to solve the problems (Irina Yarygina)

– The unbearable lightness of European taxation (LEAP)
– Interview : Towards a social European Union (Frank Vandenbroucke)
– The Euro : A ‘vector’ currency in a multimonetary system (Pierre Calame)
– Financing a European-wide project such as the European Climate Finance Pact (Pierre Larrouturou)
– For citizens storming Euroland (Adrien Piquera)
– Bringing Europe into the XXIst century (LEAP/Marie-Hélène Caillol)




Robert Polet

Belgian retired civil servant and former Deputy Director General of the European Institute of Public Administration


Adrien Piquera

PhD student in Political Science


Thomas Wieser

Austro-American economist, former president of the Economic and Financial Committee (EFC), former president of the Eurogroup Working Group (EWG)


Philippe Maystadt

Philippe Maystadt, was a Belgian politician who served as Minister for Economic Affairs, Minister of Finance and Deputy Prime Minister. He was President of the European Investment Bank (EIB) from 2000 to 2011.


Daniel Gros

Daniel Gros is an economist and the director of the Centre for European Studies (CEPS)


Thomas Mayer

Thomas Mayer, a German economist, heads the research institute of Flossbach von Storch.


Cédric du Monceau

Cédric du Monceau, a UCL/Yale economist, former intern of the European Commission’s Directorate-General for Financial Stability and of the IMF; former director at the European Bank for Reconstruction and Development; former CEO of WWF-France; 1st alderman (deputy mayor) of the University City of Ottignies-Louvain-la-Neuve


Benoît Cœuré

Benoît Cœuré, polytechnician, economist, member of the Executive Board of the European Central Bank since 2012


GAO, Haihong

GAO, Haihong teaches international finance at the Institute of World Economics and Politics and at the Chinese Academy of Social Sciences


LI, Yingting

LI, Yingting, is research assistant at the Institute of World Economics and Politics and at the Chinese Academy of Social Sciences.


Dr., Prof. Irina Z. Yarygina

Dr., Prof. Irina Z. Yarygina, Professor at the Financial University under the Government of the Russian Federation, member of the International Committee of the Russian Banking Association, member of the Scientific Board of BRICS research Association


Frank Vandenbroucke

Frank Vandenbroucke, Economist (Leuven, Cambridge, Oxford), Minister of Social Security, Health Insurance, Pensions and Labour in the Belgian Federal Government (1999-2004) and Minister of Education and Labour in the Flemish Regional Government (2004-2009), Professor at the University of Amsterdam. (Photo by Jeroen Oerlemans)


Pierre Calame

Pierre Calame, Polytechnician, former high official of the French Ministry of Equipment, Honorary President of the Council of the Charles Léopold Mayer Foundation for Human Progress.


Pierre Larrouturou

Pierre Larrouturou, Agricultural engineer and economist. Pierre Larrouturou has just published «To avoid climate and financial chaos (Pour éviter le chaos climatique et financier) » with climatologist Jean Jouzel prefaced by Nicolas Hulot (publisher Odile Jacob)


Marie-Helene Caillol

Marie-Hélène Caillol, President of LEAP2020 (Laboratoire européen d’anticipation politique / European laboratory of Political Anticipation), President of AAFB (Association des Amis de Franck Biancheri)