The euro crisis made Europe's stateless currency falter. This book retraces and interprets the
ways in which the crisis impacted the unique institutional set-up of Europe's Economic and
Monetary Union (EMU). It argues that the crisis propelled the European continent towards the
institutionalization of an unprecedented form of centralized authority: Europe's New Fiscal
Union. Diving into the central functions of fiscal surveillance financial assistance lending
of last resort and banking resolution the book reveals how a covert and convoluted
mutualisation process occurred in the shadow of the euro crisis management. Based on 62
interviews conducted by the author with senior policy-makers in Brussels Frankfurt Helsinki
and Rome the book claims that Europe's New Fiscal Union is largely unsettled and still
unstable. It therefore engages with the challenges arising from the patchwork of newly adopted
rules instruments and bodies suggesting crucial reform steps to make EMU sustainable.
