Evolution of EU economic governance

After so much innovation in economic governance since the onset of the Greek crisis in 2009/10, culminating in the implementation from the beginning of 2016 of provisions on dealing with failing banks – an important dimension of banking union – the first half of 2016 has been more routine. It has not been without controversy or incident, but has not seen significant new developments towards completing economic and monetary union, as mapped out in the 2015 Five Presidents’ Report. Brexit and the imminence of significant votes in several key Member States have manifestly militated against launching of new initiatives.