Abstract

Failure to transform the ESM into a European Monetary Fund and the new tasks it should perform following the amendments agreed in June 2019 reinforce the intergovernmental nature of the Economic and Monetary Union. However, the prospect of a new multi-annual budget substantially unchanged in terms of amounts will force the Commission to rethink its role, by strengthening the instruments mobilising private capital to generate new investment and by making full use, in an innovative way, of the Union’s capacity to regulate crucial areas of economic development, starting with the digital sector.