Europe’s heads of state or government have launched a new conversation about reforming the financial structures of the European Union in order to prevent another economic and financial crisis like the one that consumed the last decade. They have a number of ambitious proposals on the table — to complete the European Banking Union, to strengthen the European Stability Mechanism, and to enhance political accountability at the European level. Not all of these proposals are sure to be adopted, and progress is likely to be incremental. The goal of ensuring financial market stability is nevertheless apparent.
Erik Jones 