The current debate about the economic and political development of the European Union devotes considerable attention to fostering economic resilience and achieving economic convergence of the member states. In the aftermath of the financial crisis, numerous policy instruments have been introduced to monitor economic developments, increase macroeconomic stability, and enhance convergence across the EU.

One key development is the European Semester, a cycle of economic policy coordination introduced in 2010. This instrument for preventive surveillance of member states’ economic and fiscal policies aims to ensure sound and sustainable public finances, prevent excessive macroeconomic imbalances, support structural reforms and strengthen investment activities. However, the European Semester has met limited success, with the majority of country-specific recommendations not being followed.

Against this background, we strive to investigate three current policy proposals: instating a European Minister of Economy and Finance, creating a European Monetary Fund and implementing a fiscal instrument aiming to incentivize national governments to conduct growth-enhancing reforms. Introduced by the European Commission in its “Roadmap for deepening Europe’s Economic and Monetary Union” in December 2017, these proposals are still lacking substance. We strive to assess to what extent these policy proposals could increase economic stability and resilience, and develop own suggestions on the design of these policy instruments.