Is the euro well equipped to meet future challenges? In the wake of the COVID-19 pandemic, the energy crisis and the high-inflation period from 2021 to 2023, this question has acquired renewed urgency. Although inflation has since fallen significantly, the experience of recent years has exposed fundamental weaknesses in the institutional framework of the European Monetary Union.

Against this backdrop, the Kronberger Kreis, the scientific advisory board of Stiftung Marktwirtschaft, analyses the current state of the monetary union. Its focus is on the monetary policy strategy of the European Central Bank, the institutional architecture of the euro area and the international role of the euro. On this basis, it develops concrete reform proposals for a monetary union that is stable and fit for the future over the long term.