This volume is based on papers delivered at the second CESifo-Delphi Conferences (Munich, November 2003, and Delphi, June 2004), which are jointly organized by CESifo and the Department of International and European Economic Studies of the Athens University of Economics and Business. The CESifo-Delphi Conferences are organized every two years and involve a two-stage process. This book includes - Part I -Introduction - Chapter 1. Designing Europe; Part II - Europe's Institutions - Chapter 2 - In Praise of the European Constitution; Chapter 3 - Aspects of EU Organization (Massimo Bordignon, Discussant; Chapter 4 - Designing the New EU; Chapter 5 - The EU budget - How much Scope for Institutional Reform?; Part III - Fiscal and Financial Policies - Chapter 6 - Fiscal Sustainability in EMU; Chapter 7 - How Do Banking Supervisors Deal With Europe-Wide Systemic Risk?; Chapter 8. Euro Area Inflation Differentials; Chapter 9 - Black Tie Required - How To Enter A Currency Union.