Almost six years since the entry into force of the Lisbon Treaty, the European Parliament has raised the question as to whether the European Union can overcome its challenges by fully exploiting the existing provisions of the Lisbon Treaty, and/or whether it would be necessary to review certain policy areas and the current institutional set-up of the European Union.
The crisis which was triggered in 2008 revealed serious failings in the architecture of the Eurozone and in the institutional set-up of the EU, which spurred on rapid steps to adapt and innovate. These changes have demonstrated the resilience of the European institutions and their capacity to overcome the threat of a general break-up of the Eurozone. Moreover, the result has been the introduction of mechanisms of solidarity and assistance which have no precedent in the history of the EU. Nevertheless, the EU needs to regain a sufficient level of growth to improve the environment for enterprises and maintain jobs, to reduce unemployment, social inequalities and the asymmetric development between the Member States and regions. To date, the growth supporting measures have been insufficient to attain these objectives.