This paper analyzes the evolution of Commission’s policy

proposals designed to increase the political feasibility of various contested

aspects of the Economic and Monetary Union (EMU) reforms. It starts

from the ‘North-South’ divisions and identifies adaptations to initial

policy designs that the Commission introduced in order to make contested

reforms acceptable. The evolution of three policies, common deposit

insurance, fiscal backstop for bank resolution and EU funding for national

reforms, indicates that in comparison to initial proposals from 2012/13,

their 2017 versions have been watered down in terms of additional

funding or additional risk-sharing. Moreover, their proposed timing was

lengthened and the role of the Commission was reduced. The Commission

strategy thus aims at obtaining the agreement of the ‘North’ by making

these EMU reforms economically irrelevant, but potentially scalable in

future.