Economic government: What kind of coordination for the Eurozone?

How are decisions made in the euro area? And how democratic are they? These questions moved to the centre of the debate during the euro crisis. Under tremendous time pressure, solutions had to be found for stabilising the euro. New institutions and rules were created such as the European Stability Mechanism, the Banking Union and the Fiscal Compact. Who makes the decisions in the Eurozone today? Is there a democratic deficit? Does the currency union need better control mechanisms – or are the old ones good enough?