Europe’s Reform Opportunity
The EU has emerged from the most dangerous phase of the eurozone crisis, but it isn't out of the woods yet. Barring the worst-case scenario of populist victories in the French and German elections this year, European leaders should seize the moment to pursue more ambitious reforms.
BRUSSELS – The eurozone crisis is far less dangerous now than during its peak years of 2010-2013. Growth has picked up across the European Union, and five million jobs were created between 2014 and 2017.
But the EU banking union remains incomplete, Greece and the Italian banking sector are facing challenges, and the aftershocks of the euro crisis could still undermine the EU’s stability – or even threaten the common currency.
Barring the worst-case scenario of populist victories in the French election this May and the German election this September, European leaders should seize the opportunity later this year to pursue more ambitious, but pragmatic, reforms.