The highly anticipated reform of the Economic and Monetary Union (EMU) will be limited to a fine-tuning of the existing economic and fiscal framework. The presidents of the European Commission, the European Council, the European Central Bank, the Eurogroup and the European Parliament will postpone any measure of “a more far-reaching nature” at least until the second half of 2017, including the first steps toward a fiscal union. The EMU will be completed by 2025.
Before that date, a report…