The ADEMU Project’s Findings and Proposals

The three-year Horizon 2020 project ‘A Dynamic Economic and Monetary Union’ (ADEMU) will shortly be drawing to a close. The project has been led by the Chairman of the BSE, Ramon Marimon, and brought together eight research groups from leading European institutions:

After the European debt crisis and associated deep recession, there was a noticeable gap between policy-oriented analyses of the precise EU challenges, and the major developments in dynamic macroeconomic theory of the past three decades. The aim of the ADEMU project was to close this gap by conducting a rigorous investigation of risks to long-run sustainability of the EMU and to develop detailed institutional proposals aimed at mitigating these risks.


Connecting policy with research

During the project, a team of coordinators, researchers and associates have produced more than 120 detailed technical papers, representing the research that has been discussed, refined and disseminated in events across Europe.

The ADEMU project research lines included:     

  • Long-term sustainability of a monetary and fiscal union
  • Stabilization policy in currency unions
  • Macroeconomic and financial imbalances and spillovers
  • Policy implementation

The final conference for the project was held in Florence on May 9-10, 2018 where the results were debated and analyzed by ADEMU coordinators as well as other leading economists, academics and legal experts. A follow-up workshop will also take place to reassess the overall framework of the EU for Monetary union, fiscal union and banking union, as part of the BSE Summer Forum on June 21-22.

Hugo Rodríguez Mendizábal (Director of the BSE Macro Program) was part of the ADEMU Executive Committee. He commented that “the ADEMU project was an opportunity for researchers across BSE academic units to team up and work on topics of shared research focus. Seven BSE Affiliated Professors were part of the ADEMU research team and during the three-years that the project ran, they have contributed numerous working papers, video interviews as well as conference participation and organization.”


Selected ADEMU research by BSE Affiliated Professors:

  • Roundtable on the Fiscal Federalism within the EMU, with Ramon Marimon


  • Is the European banking system more systemic than before the crisis? With Joachim Jungherr


Research outcomes

The next steps for the project will be focused on a campaign that will summarize and share the vast research that has taken place, in a variety of media aimed at policy makers, economists and members of the public.

The research findings from this project can be viewed in the form of the working papers series. A summary of the proposals that have been sent directly to influencers and policy makers can be found in the ADEMU eBook ‘The EMU after the Euro Crisis: Lessons and Possibilities - Findings and proposals from the Horizon 2020 ADEMU project’, which was produced in conjunction with

An end-of-project print publication is also available, as well as a series of videos that summarize the work, which will shortly be available on the ADEMU YouTube channel.

ADEMU (A Dynamic Economic and Monetary Union) has been part of the Horizon 2020 work program topic Resilient and sustainable economic and monetary union in Europe (EURO-1-2014).

See also: Two mechanisms to prevent a possible EMU crisis (CORDIS)