The crisis has revealed the limits and contradictions of Economic and Monetary Union (EMU) and the policy of austerity: deprived of any tools of economic governance, the euro has proved too fragile. Faced with this reality, politicians have no choice but to go down the path of much-needed reform. If they are unable to summon up the courage and political will which they lacked in 2000, the very future of the euro and the European social model will be in danger.
By promoting austerity, Europe has merely undermined itself, deepening the recession even further. The crisis has exposed the contradictions inherent in the structure of EMU, which has lacked the governance and the transfer of competences from the Member States which are so necessary. Faced with the urgency of this situation and given that the current Treaties allow the requisite measures to be taken, the European Economic and Social Committee (EESC) advocates a course of action that can no longer be ignored: the completion of the EMU.