The Need for Institutional Reforms in the European Monetary Union after the Pandemic

The emu institutions have been devised in the Nineties, under the pressure of the economic theories of the time, in addition to country and sectional interests. Therefore, after the experience of the financial crisis it was necessary to introduce a number of institutional reforms. Reforms are all the more necessary after the Coronavirus pandemic. They can be supported by non-defaultable Eurobonds and other institutions that aim at ensuring coordination of different policies. The need arises in particular of introducing an effective stabilization policy and devising new institutions for a common growth strategy. Some policies implemented as a consequence of the pandemic seem to signal a changed attitude in this direction.