Europe's bold vision hits trouble

(Reuters) Barely a year after European leaders set out an ambitious vision for the euro zone's future, progress has all but stalled and pressure is building for what may amount to a 'make or break' moment for the union.

The idea of a roadmap setting out steps towards the deeper integration of the euro zone came about in early 2012, when the debt crisis was at its peak and there were legitimate fears that Greece could be forced out of the currency union, or that the whole European project could disintegrate.

With the global economic debate dominated by the United States and, increasingly, China, the European Union risks losing its influence unless it can speak with one voice.

Herman Van Rompuy, the president of the European Council, which brings together the EU's member states, was asked by leaders to draft a report detailing what was required to strengthen the single currency and overhaul the monetary union.


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