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The economic integration of Europe has almost come to a end. The single market, the single currency and the common marketing policy are the result of a unique world enterprise which strongly contributes to ensure peace and prosperity on the continent. Is it necessary to continue to transfer other national competencies? With regard to the economic questions, the answer is largely negative. Whether taxation or social policies, the divergences reflect deep differences in national preferences. The risks of dumping are real but are often exaggerated, insufficient in any case to justify new transfers of sovereignty. The priority is no longer 'more Europe'. The challenge in the years to come is to call into question what does not function well.

Charles Wyplosz is Professor of International Economics at the Institut universitaire des hautes études internationales in Geneva and Director of the Centre international d’études monétaires et bancaires. His works deal with monetary and budget policies and the integration process in Europe.