Publication

Reforms in response to the multiple crises affecting the EU and the euro area since 2008 have transformed European governance considerably. This paper provides an overview of the main effects stemming from the introduction of innovative instruments over the past few years. It concludes that the evolution of the EU's architecture towards "more Europe" rooted in power-sharing between institutions, at both European and national levels, is likely to be complemented by "less Europe", in the sense of increasingly differentiated forms of integration.