Europe’s window of opportunity: Seizing the moment to strengthen the eurozone

On Monday, September 18, the Center on the United States and Europe at Brookings hosted Pierre Moscovici, commissioner for Economic and Financial Affairs, Taxation and Customs of the European Commission. In a year of critical developments on both sides of the Atlantic—including in the United States and United Kingdom, alongside the election of Emmanuel Macron in France—European policymakers are preparing a new push to deepen the Economic and Monetary Union after the upcoming German elections.

But how realistic is it that the necessary parties will agree to ambitious changes? Will European policymakers be effective in addressing the economic and political challenges of the eurozone as it currently stands? In remarks, Moscovici set out his ideas for a more democratic and less divergent eurozone, as well as argue for a coming window of opportunity of not more than a year to agree these reforms. The commissioner was then joined by David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy, for a conversation on these themes.

Moscovici has held the position of commissioner for Economic and Financial Affairs, Taxations, and Customs in the Juncker Commission since November 2014. Previously he served as France’s as minister of Finance from 2012 to 2014, as well as minister for European Affairs between 1997 and 2002.