If the common currency wants to remain an anchor of stability then EMU needs a more robust institutional framework, sound public finances, strengthened competitiveness, a common economic policy and proper democratic accountability for its institutions. Strengthening economic policy coordination, continuing growth-friendly fiscal consolidation, deepening the process of structural reforms and implementing an ambitious recovery and investment package, which combines investing in modernising EU economies with further market integration, as proposed in the ALDE European Investment and Recovery Act, as well as preserving and deepening the Single Market are key for the euro area on its way to recovery. A stronger euro area will also benefit the non-euro area Member States and create a more resilient and prosperous European Union.
