In his first New Year’s address, Emmanuel Macron vowed to “reinvigorate European ambitions” while appealing to the French public not to be swayed by “nationalists” or “sceptics”. While some wags might suggest that ambitions were never invigorated in the first place, President Macron is definitely talking a good game when it comes to European integration. There have been considerable improvements in the bloc’s governance framework since 2011, but the euro area remains vulnerable to future sovereign and banking crises. The...