In the wake of the Greek financial crisis, which at one stage threatened the very existence of the monetary union, a wide-ranging debate has begun about the governance changes required for the eurozone

France’s economic minister, Emmanuel Macron, is the latest to table proposals, which include radical changes to the Commission and the European Parliament.

In a recent interview with German newspaper Süddeutsche Zeitung he warned that the eurozone needs to be reformed to survive - saying that the current "status quo leads to self-destruction."

He is in favour of a fiscal equalisation scheme which would see funds flow from the Union's stronger economies to the weaker ones, to address constant economic imbalances within the eurozone.

The French minister has said that there would be public support for such a measure in France - but he has acknowledged that it is unlikely that this will be a popular idea in Berlin.

His plans are anchored by a new stronger euro commissioner - with more power to coordinate the area's fiscal and social policies - and to make decisions regarding labour market issues and investment programmes.

He also says that a link is needed between decision making in the monetary bloc and the broader European Union.

Gavin Barrett, Jean Monnet Professor of European Constitutional and Economic Law at UCD joined Vincent Wall on Breakfast Business this morning to discuss these proposals - and how seriously they will be considered by European leaders.

While in the short term we are unlikely to see these kinds of reforms implemented, proposals like this "reflect a general trend towards reform in the eurozone."

He adds that the European Economic and Monetary Union has been strong on joining 'monetary' policies across euro member-states - but common broader economic policies have failed to be harmonised.

Mr Barrett argues that serious economic and democratic reforms are needed in the eurozone - highlighting the dysfunctional decision making process which eventually agreed terms for a third bailout for Greece as evidence of the short-comings of the current system.

Although he also acknowledged that fiscal sharing is unlikely to be backed by Germany - he says that it is important that we begin a reform debate - and that Irish leaders begin to establish "an Irish opinion" on how the workings of the currency bloc should be changed.

Significant reforms would require changes to EU treaties - and need the approval of a referendum vote in Ireland.