21 Oct 2015
EUROPEAN COMMISSION DAILY NEWS – 21 OCTOBERBrussels Daily
Completing Europe’s Economic and Monetary Union: Commission takes concrete steps to strengthen EMU
Following the presentation of the “Five Presidents’ Report” by the Presidents of the Commission, the Euro Summit, the Eurogroup, the European Central Bank and the European Parliament, the Commission launched Stage 1 (“Deepening by doing”) of the process of completing EMU on 1 July 2015. It follows up today with concrete measures to begin the implementation of the ambitious plan to deepen EMU. The package of measures adopted by the College of Commissioners entails a revised approach to the European Semester, including through enhanced democratic dialogue and further improved economic governance, such as the introduction of national Competitiveness Boards and an advisory European Fiscal Board; a more unified representation of the euro area in international financial institutions, especially the IMF. It also specifies the steps towards completing the Banking Union, notably via a European Deposit Insurance Guarantee Scheme and measures to further reduce risk in the banking system. Valdis Dombrovskis, Vice-President for the Euro and Social Dialogue, said: “Europe’s Economic and Monetary Union needs strong foundations, not least to be more resilient to future shocks and withstand the global challenges ahead of us. Today, we propose tangible steps towards improving the EU’s economic governance rules, which were last strengthened in the immediate aftermath of the crisis. We have the rules, we need to use them better. Looking ahead, we will have to use the next two years to shape consensus for more far-reaching changes that will be needed to complete our Economic and Monetary Union.” Commissioner Pierre Moscovici, responsible for Economic and Financial Affairs, Taxation and Customs, said: “Today’s package is about restarting economic and social convergence in our currency union. The next phase will be about political convergence and democratic renewal.” The full press release, Q&A, factsheets and all relevant documents are available here.