Beyond Maastricht: A New Deal for the Eurozone?

The crisis events of 2010 have made it apparent that the political governance of the Eurozone was designed for fair weather. The European leaders should take a step forward after their third attempt to make the Maastricht frame work and to use the crisis for a fundamental reconstruction of the economic union. In order to achieve this aim, Europe needs a stable and clear-sighted leadership from the strongest economy – Germany. This is one of the conclusions of the latest ECFR report – Beyond Maastricht: A New Deal for the Eurozone. The authors state that the EU should consider a new agreement for an economic union as an element of the “new big deal with Germany” in order to handle the dangerous instability, the weak economic growth and the rising discontent in Europe. If the European leaders do not protect the Eurozone from economic storms, the consequences will be disastrous not only for the euro, but also for the status of Europe as a global player.