Eurozone governance: from the Greek drama of 2015 to the Five Presidents’ Report

Abstract:

This contribution takes stock of these and other developments in eurozone governance in 2015. Section I gives an update on the euro crisis, focusing on the eurozone's standoff with Syriza. Section II looks at the economic outlook in 2015 and the factors driving the eurozone's tentative economic recovery. 1 Section III explores key developments in eurozone monetary policy, including the European Central Bank's (ECB) new programme of quantitative easing.

Section IV focuses on the first full year of the single supervisory mechanism (SSM) and the launch of the single resolution board (SRB). Section V turns to economic policy co-ordination and reviews the Commission's efforts to promote a more flexible interpretation of the stability and growth pact. Section VI takes stock of the Five Presidents’ Report and Section VII addresses external representation and the IMF's complex and evolving relationship with the eurozone.