The challenge for European macroeconomic governance is to build a framework for policy coordination
that is compatible with the smooth functioning of the monetary union. This challenge was apparent
during the global economic and financial crisis, when the European Central Bank often appeared to be
the ‘only game in town’. It is equally obvious in the aftermath of the pandemic and the Russian full-scale
invasion of Ukraine, as Member State governments struggle to support households and firms, the
European Commission promotes projects of common European interest, and the ECB’s Governing
Council works to contain inflation. The next Commission and the next Parliament will need to strike a
careful balance between the need for flexibility at the national level, solidarity at the European level, and
price stability across the monetary union.

Speaker:

• Erik Jones, Director of the Robert Schuman Centre for Advanced Studies, European University Institute.

Discussants:

• Nicola Giammarioli, Secretary General, European Stability Mechanism.
• Michele Chang, Director of the MA in Transatlantic Affairs; Professor, Department of European Political and Administrative Studies, College of Europe.
• Luc Tholoniat, Director of DG ECFIN, European Commission.
• Luca Jahier, President of the Ad Hoc Group on the European Semester Group, EESC