European View Copyright Information Subscription Information For Authors European View is published twice a year. Volume As soon as an article is accepted for publication, 16 (2 issues) will be published in 2017. authors will be requested to assign copyright of ISSN: 1781-6858 print the article (or to grant exclusive publication and ISSN: 1865-5831 electronic dissemination rights) to the publisher (respective the owner if other than Springer). This will ensure For information on subscription rates please contact the widest possible protection and dissemination of Springer Customer Service Center: information under copyright laws. [email protected] More information about copyright regulations for The Americas (North, South, Central America and this journal is available at www.springer.com/12290 the Caribbean) For Readers Springer Journal Fulfi llment, While the advice and information in this journal is 233 Spring Street, New York, believed to be true and accurate at the date of its NY 10013-1578, USA publication, neither the authors, the editors, nor the Tel.: 800-SPRINGER (777-4643); publisher can accept any legal responsibility for any 212-460-1500 (outside North America) errors or omissions that may have been made. The Outside the Americas publisher makes no warranty, express or implied, Springer Customer Service Center GmbH with respect to the material contained herein. Tiergartenstr. 15, 69121 Heidelberg, Germany All articles published in this journal are protected Tel.: +49-6221-345-4303 by copyright, which covers the exclusive rights to reproduce and distribute the article (e.g., as offprints), as well as all translation rights. No material published Advertisements in this journal may be reproduced photographically E-mail contact: [email protected] or stored on microfi lm, in electronic data bases, on video disks, etc., without fi rst obtaining written Disclaimer permission from the publisher (respective the Springer publishes advertisements in this journal copyright owner if other than Springer). The use of in reliance upon the responsibility of the advertiser general descriptive names, trade names, trademarks, to comply with all legal requirements relating to etc., in this publication, even if not specifi cally the marketing and sale of products or services identifi ed, does not imply that these names are not advertised. Springer and the editors are not protected by the relevant laws and regulations. responsible for claims made in the advertisements Springer has partnered with Copyright Clearance published in the journal. The appearance of Center’s RightsLink service to offer a variety of options advertisements in Springer publications does not for reusing Springer content. For permission to reuse constitute endorsement, implied or intended, of the our content please locate the material that you wish product advertised or the claims made for it by the to use on link.springer.com or on springerimages.com advertiser. and click on the permissions link or go to copyright. com and enter the title of the publication that you wish to use. For assistance in placing a permission request, Offi ce of Publication Copyright Clearance Center can be contacted directly Springer-Verlag GmbH, Tiergartenstraße 17, via phone: +1-855-239-3415, fax: +1-978-646-8600 69121 Heidelberg, Germany or e-mail: [email protected]. Springer is part of © Wilfried Martens Centre for European Studies 2017 Springer Science+Business Media Journal Website www.springer.com/12290 Electronic edition: link.springer.com/journal/12290 123 European View Chairman Advisory Board Mikuláš Dzurinda Antonio López-Istúriz President of the Wilfried Martens Centre Christian Kremer for European Studies Luc Vandeputte Galina Fomenchenko Editorial Board Roland Freudenstein José Luis Fontalba Carl Bildt former Prime Minister, Sweden Editor-in-Chief Elmar Brok Tomi Huhtanen Member of the European Parliament, Germany John Bruton Assistant Editor-in-Chief former Prime Minister, Ireland Loredana Teodorescu Mário David former Vice-President of the European People’s Party, Assistant Editors Portugal Ingrid Habets Ingo Friedrich Federico Ottavio Reho Chairman of the Forum for European Studies, Marvin DuBois Germany Communicative English Team Vicente Martínez-Pujalte López former Member of Parliament, Spain Chris Patten For editorial and article submission inquiries please contact: European View former Member of the European Commission, Editor-in-Chief United Kingdom 20, Rue du Commerce – 1000 Brussels, Belgium Jan Petersen e-mail: [email protected] Tel.: +32 2 300 8004, Fax: +32 300 8011 former Minister of Foreign Affairs, Norway www.martenscentre.eu Hans-Gert Pöttering This publication receives funding from the European Chairman of Konrad Adenauer Foundation, Parliament. Germany Alexander Stubb The European Parliament and the Wilfried Martens Centre for European Studies assume no responsibility for facts or Member of Parliament, Finland opinions expressed in this publication or their subsequent József Szájer use. Sole responsibility lies on the author of the article. Vice-Chairman of the EPP Group in the European Parliament, Hungary Andrej Umek former Minister for Science and Technology, Slovenia Yannis Valinakis former Deputy Minister of Foreign Affairs, Greece 123 The Wilfried Martens Centre for European party structures and EU institutions, Studies (previously the Centre for economic and social policies, EU foreign European Studies) was established in policy, environment and energy, values 2007 as the political foundation and and religion, and new societal challenges. official think tank of the European People’s Through its papers, publication launches, Party (EPP). It embodies a pan-European conferences and online activities, the mind-set based on centre-right, Christian Martens Centre offers a platform for Democrat, conservative and like-minded discussion among experts, politicians, political values. It serves as a framework policymakers and the European public. At for national political foundations linked to the beginning of 2014, the Martens Centre member parties of the EPP, with currently was renamed in honour of its late President 31 foundations members. The Martens and founder, Wilfried Martens, the EPP’s Centre takes part in the preparation of long-standing President and former Prime EPP programmes and policy documents. Minister of Belgium. It organises seminars and training on EU policies and on the process of European The Martens Centre has four main goals: integration. advancing centre-right thought, contributing to the formulation of EU and national policies, The Martens Centre also contributes to serving as a framework for national political formulating EU and national public policies. foundations and academics, and stimulating It produces research studies and books, public debate about the EU. policy briefs, and the twice-yearly European View journal. Its research activities are divided into six clusters: http://www.martenscentre.eu European View The Future of the Eurozone: A Realistic Approach Volume 16 • Number 1 • June 2017 EDITORIAL The future of the eurozone: a realistic approach Mikuláš Dzurinda 1 THE ECONOMIC AND MONETARY UNION On the future of the EMU: Is more fiscal integration indispensable? Jürgen Matthes and Anna Iara 3 The only feasible fiscal union for the euro area Miguel Marín Cózar 23 ‘Euro 2.0’: a preliminary assessment of the European Banking Union and a market-oriented monetary alternative Juan E. Castañeda 33 Structural reforms in the euro area: a Greek view Michael G. Arghyrou 45 Political union and the legitimacy challenge Michael Wohlgemuth 57 How to ensure the survival of the monetary union Ivan Štefanec 67 The status quo is not an option: functional and existential weaknesses of the EMU Juha-Pekka Nurvala 75 CURRENT AFFAIRES A new Europeanism before it is too late Federico Ottavio Reho 85 The Libyan conflict and its controversial roots Nicola Pedde 93 123 Morocco’s security strategy: preventing terrorism and countering extremism Assia Bensalah Alaoui 103 Ambition versus reality: partnering with our neighbours on migration Loredana Teodorescu 121 The future of the European welfare states: the intriguing role of demography? Juhana Vartiainen 131 Ledgers, anecdotes and leadership: guidelines for partnering with the new US president Nathan Shepura 141 China’s interests in Central and Eastern Europe: enter the dragon Bogdan Góralczyk 153 SATIRICAL REVIEW Poking fun at the high and mighty Roland Freudenstein 163 FROM MARTENS CENTRE RESEARCH Good or bad neighbours: the main European security challenge Salome Samadashvili 167 The Russian economy IN FOCUS: recovery is further away than some might think Vladimir Milov 169 Security policy IN FOCUS: the case for a postmodern EU defence architecture Federico Ottavio Reho 171 Brexit. Brexit? János Martonyi 173 Kremlin propaganda IN FOCUS: how the EU has become an enemy in the eyes of Russia Kristina Potapova 175 A new transatlantic agenda IN FOCUS: challenges and opportunities in the Trump era Roland Freudenstein and Craig Kennedy 177 We need to talk about the EU—European political advertising in the post-truth era Konrad Niklewicz 179 Unity in adversity–immigration, minorities and religion in Europe Vít Novotný 181 EUROPeAN VIew (2017) 16:1–2 DOI 10.1007/s12290-017-0446-6 EDITORIAL The future of the eurozone: a realistic approach Mikuláš Dzurinda Published online: 29 June 2017 © The Author(s) 2017. This article is an open access publication Only a few years ago, many renowned analysts