The ADEMU project: a narrative

In response to requests from stakeholders, ADEMU’s scientific coordinator Ramon Marimon has put together a comprehensive narrative on the origins of the project, ongoing research and intended outcomes. You can see the full narrative – a guide to most of the ADEMU researcher’s working papers – here. What follows is a very brief summary.

The Horizon 2020 ADEMU Project began in June 2015, after winning the corresponding call to ‘assess the fiscal and monetary framework of Europe’s Economic and Monetary Union (EMU)’. In response to the euro crisis, important steps had been taken towards redesigning the institutional architecture of EMU, but these had relatively weak theoretical foundations.

In 2016, EU priorities changed in response to international events: migration, security and defense came to the fore; Euro-skeptic populism, nourished by the recession, became a democratic challenge in several euro countries and, of course, there was Brexit.

In the aftermath of the euro and Brexit crises and a less supportive global environment, the questions regarding the EU and the EA – and in particular, EMU design – have become even more fundamental: from how to achieve price stability to how to achieve financial, fiscal and social stability and growth; from the European integration rhetoric to what should, and can, the EU and the EA deliver?

ADEMU sets out to assess, and provide, an empirical and theoretical foundation for the different paths that the EMU may follow.

ADEMU ongoing research encompasses two strands: understanding, which covers most of the research in the first two years, and proposing, which still is in a preliminary stage:


  • The EMU solving and creating credibility problems
  • The nature of the euro and other crises and recessions
  • The financial link: Banking Union and the ECB


  • A risk-sharing fund for the Euro Area?
  • Dealing with the euro crisis debt overhang
  • A European Unemployment Insurance mechanism?

Both strands will be further developed in the final year of the project, which will end with the Final Conference on May 10 – 11, 2018 at the European University Institute in Florence.

Read the full narrative.