Brussels, 07/05/2008 (Agence Europe) - After ten years of existence, the euro is a resounding success, but there remains much to be done. That is the conclusion of a report on the 10 years of the Economic and Monetary Union (EMU) adopted on 7 May. As announced (see EUROPE 9656), the communication which accompanies the report proposes a number of avenues for strengthening the EMU on three main lines. (a) The internal agenda. The Commission wants to improve and extend economic supervision, firstly, by strengthening the “corrective arm” of the Stability and Growth Pact (SGP) and also by extending the current peer review system beyond budgetary policy. It proposes to better integrate structural reforms in the process of coordinating economic policies. Thus, the structural reform incentives provided for in the 2005 reform of the Pact could be more widely used (flexibility clause), more detailed supervision of how the euro area recommendations as part of the Lisbon Strategy are implemented could be ensured and better sequencing of reforms could be achieved by improving the operation of financial markets. (b) The international role. The euro area needs to define a strategy regarding the international role of the euro and make its voice heard on global issues. It must agree common positions in order to speak with one voice and aim to have a single seat in international financial institutions and fora. (c) Governance. The EMU does not need any new institutions, it does need the fuller involvement of all member states within the Ecofin Council and the Eurogroup, particularly in view of the progressive enlargement of the euro area. Thanks to the Lisbon Treaty (especially Articles 136 and 121), the Commission will also play a increasingly large role. It is up to member states, the Council and Parliament to contribute to the debate which will take place under the French Presidency and which could lead to more detailed proposals from the Commission. The report and the communication entitled “EMU@10: successes and challenges after 10 years of Economic and Monetary Union” are available at http: //ec.europa.eu/economy_finance/emu10/reports_en.htm (A.B.)