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The results of the UK referendum in favour of leaving the European Union (EU) clearly put into question the European economic and political project as well as its institutional structure. This article argues that the Brexit may be a momentum to reform the institutional structure and procedural rules through which tax policy is made at the EU level. The UK referendum is indeed unlikely to further slow down the EU harmonization process in tax matters, which has always followed a tortuous path. Instead, the Brexit may give momentum to reform major weaknesses of the EU institutional and decision-making process in tax matters, in particular the unanimity rule and the role of the European Parliament. Finally, with regard to taxation specifically, the establishment of an EU tax, providing the EU with sufficient genuine own resource, could also reinforce EU's legitimacy by countering the criticisms related to Member States' contribution to the European budget.

Simitis examines the European debt crisis with particular reference to the Greek case. He investigates its spillover from a Greek-specific problem to a Eurozone-wide crisis and chronicles the policy responses to combat it. His central argument is that the main cause of the Eurozone's problems was, and still remains, the indecisiveness of European elites to tackle its underlying deficiencies. Leading Eurozone countries have been unwilling to commit to a common long-term plan which could deal convincingly with complex and inter-related problems affecting both its 'core' and its 'periphery'