I share the English version of the new State of the European Union Report (2017), “Relaunching Europe”, that has been recently presented in Berlin, Brussels and Lisbon by the Friedrich Ebert Stitfung. I would like to highlight the chapter that I have co-authored (p.41), entitled "EU Economic Policy in 2016. An Incomplete EMU: towards a Fiscal Union". Although this chapter was written last January, I think that Macrons' and the European Commissions' latest initiatives have placed the issue at the top of the EU agenda. I hope you find this chapter useful. Please do not hesitate, to send me your feedback.