Discussions on the reforms for completing the euro area (EMU) have been on the agenda of EU leaders since 2009, triggered by the turmoil of the financial crisis of 2007–08 and the following Great Recession.

The need to strengthen the social dimension of the EMU has long been underlined alongside the completion of the banking, financial and fiscal unions.

We don’t need to go back to the previous term, with the great efforts of Commissioner Andor, the report ‘Towards a Genuine Economic and Monetary Union’ (the so-called ‘Four Presidents’ Report’) and the Commission’s ‘Blueprint for a Deep and Genuine...