In the area of macroeconomic policies, I think we'll see more centralization, like in the budgetary sphere.

I know this isn't a widespread view in the Anglo Saxon world, but I believe that much of the reconciliation between more centralized governance and the scope for democracy - democratic control - will be resolved through an even stronger role of the European Parliament.

What will growth policy have to look like in a fiscally compacted Europe? Clearly any illusion of budget stimulated growth policy will have to go away.

Mario Monti Quotes