Reforms in response to the multiple crises affecting the European Union (EU) and the euro area since 2008 have transformed European governance considerably. This paper provides an overview of the main effects stemming from the introduction of innovative instruments over the past few years. It concludes that the evolution of the EU's architecture towards "more Europe" rooted in power-sharing between institutions at both European and national levels is likely to be complemented by "less Europe" in the sense of increasingly differentiated forms of integration
