Does the Eurozone need a “treasury”? According to our Deputy Director Lucas Guttenberg the answer is no: The Eurozone needs a common fiscal policy to complement the ECB’s monetary policy. But it does not need a new institution to take fiscal policy decisions or to execute such decisions. The EU institutional framework is well-equipped to perform these functions. Hence, the focus of political energy should be on getting the right policies and instruments in place, not on building new shiny institutions.