This CEPS Special Report investigates ways to enhance the legitimacy of economic
governance in the Economic and Monetary Union (EMU) without introducing Treaty
changes. It suggests changes in the governance framework at both the institutional and
economic level. Input-oriented legitimacy can be improved by increasing parliamentary
oversight on decisions related to EMU and increasing the accountability of the Eurogroup.
Output-oriented legitimacy can be improved by strengthening the ability of EMU to reduce
the emergence of negative externalities and to mitigate their impact, through market and
fiscal risk-sharing mechanisms