An Integrated Framework: Achievements and Challenges Ahead
The crisis kept evolving over time. It was initially confined to the financial sector, but later it impacted the sovereign debt of a few countries and eventually spread to the overall economy of the whole European Union. Similarly, the European vision of how to confront the crisis adapted to these changing circumstances. The first summary documents were quite restricted in their approach, but they evolved into a strategic long-term vision for Europe with a time horizon of 5 or even 10 years. Those are the Blueprint of the Commission and the Four Presidents’ Report of 2012 and the 2015 update in the Five Presidents’ Report (Table 10.1).
With the hindsight provided throughout ...
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