As someone who would never be considered for the EU Commission Presidency, coming from the wrong country and holding the wrong views, let me enjoy the privilege of the interested outsider and sketch what needs to be done.
Any incoming President has to be wedded to the success of the Euro area, and aware of the remaining dangers to it. He or she would also be wise to want a solution to the British problem, where the UK wishes to reinforce its absence from the Euro by avoiding political union. Solving the two problems together is easier than regarding the British problem as a nuisance or a different issue. They are in fact two related problems. The British wish for more distance from the EU core has grown as the core has centralised more to make the Euro work.
It is fashionable to think the only way to make the Euro work better is to centralise everything more. One possible answer to the recurring Euro crises would be to create a country called the USE. Political union would mean not just a common criminal law, open borders, free movement and a common foreign policy. It would also need large transfers of money from rich to poor. Bavaria would need to pay the unemployment benefit bills of Greece. German taxpayers will need to stand behind Spanish banks and be willing to bail them out if they fail. I am not sure German, Dutch and Austrian taxpayers are ready for that amount of commitment yet.
The other way to allow the Euro to survive is to build on the compromises and concealed assistance apparent in the current scheme, but to add policies to the EU generally which promote greater growth and more employment. This would ease some of the tensions and cut some of the bills for economic failure in the countries which are struggling within the Eurozone. Such policies might also be more attractive to the UK. Today the richer countries stand behind the weaker banks of the poorer countries via the ECB. They allow transfers of money through the cheap credit lines the ECB extends to banks in struggling countries. They may end up allowing money printing in some form or other to try to get the value of the Euro down and the levels of economic activity up.
So what are the policies which the EU could pursue which would promote more growth and reassure moderate Eurosceptics from the UK? They would have to be policies which cut the amount of legislation and regulation from the EU. We need actions which return control of activities to national governments from Brussels, or give national Parliaments more say over which proposals from the EU any given country adopts. Failed common policies like fishing and agriculture need reform. Many laws and regulations can be removed as you do not need to force everyone to make and do things the same way to be able to trade with each other.
More importantly, the EU needs to see that its biggest mistake in recent years which is doing great damage to the potential of industry across the continent, is the energy policy. EU countries cannot sustain the industry they have or increase the industry they generate all the time the EU imposes much higher energy prices on economies than the USA or Asia. This still leaves the vexatious issue of free movement of workers and benefit seeking , which I will return to in another post.