The implosion of Greece's party political landscape and the victory of François Hollande in France transformed the political debate in Europe. Moreover, both events act as a catalyst for a political reinvention of the eurozone and an emergence of a transnational political space.

The European financial crisis has refocused the debate on the nature of Europe’s political union. Emma Bonino and Marco de Andreis make the case that a ‘lite’ version of federation may provide a viable and practical solution to the euro crisis. 

How does the Fiscal Compact shape fiscal policy and austerity in the euro area and what can be done to make austerity in Europe less brutal? The development of a meaningful 'Growth Compact' may provide the best way forward.

Citizens across Europe are being asked to replace politics and economics with a sheer act of faith in austerity. But it's clear that they are starting to feel the need to stop this nonsense, and European leaders need to take this seriously.

The prospect of a victory by François Hollande may be causing nervousness in Berlin and elsewhere, but the socialist candidate in the French presidential elections is a natural compromise-builder, and Europe should have no real reason to fear his victory.

Deeper EU integration is a sensible way forward but Poland will not support the institutionalisation of a two-speed Europe. The imperative for closer cooperation between the euro zone members should not be a means of dismantling the EU.

As part of the ‘Reinvention of Europe’ project, ECFR is publishing a series of papers on the national debates within EU member states about the crisis and the future direction of Europe. The second paper in the series examines the Czech situation.

Unlike saving the euro, saving CSDP and building Europe's shared defence and security capacity need not cost a cent. It would also be invaluable in helping the EU develop as a serious foreign policy actor.

As part of the ‘Reinvention of Europe’ project, ECFR is publishing a series of papers on the national debates within EU member states about the crisis and the future direction of Europe. The first paper in the series examines the Polish situation.

The financial markets have repeatedly shown their distrust in the long term sustainability of European Monetary Union. Confidence desperately needs to be restored, and that means rapid and credible agreement on measures that include a more integrated political framework.