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This paper discusses the need for macroeconomic policy coordination in the  E(M)U. Coordination of national policies with cross-border effects does not  exist at the macroeconomic level, although requested by the EU Treaty. The  need for coordination stems from current account imbalances, which origin in  market-induced capital flows, destabilizing the real exchange rates between  low and high wage countries. The recent attempts of the Commission and the  European Council to reform E(M)U governance do not address this problem and  thus remain incapable to protect against future instability. Macroeconomic  coordination needs (I) a clear identification of union-wide employment goals,  and (II) the establishment of a high level institution responsible for  coordination following these objectives. The paper proposes a High  Representative for Economic Policy, equipped with an appropriate office and  supported by a Council of Economic Advisers committed to the union-wide  objectives

A macroeconomist’s view on EU governance reform: Why and how to establish policy coordination?