The implementation of a genuine EMU, as outlined in the Four/Five Presidents reports, calls for an investigation into the legal instruments required to attain this objective. Undoubtedly, the conclusion of a new constitutional Treaty would offer the most appropriate solution. Nevertheless, States are reluctant to embark on such a perilous endeavour, in light of past labors and even unsuccessful experiences. It is, thus, necessary to consider what can be achieved through alternative avenues.

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