Five Presidents' Report sets out plan for strengthening Europe's Economic and Monetary Union as of 1 July 2015
EU News 169/2015
Brussels, 22 June 2015
Today, the five Presidents – European Commission President Jean-Claude Juncker, together with the President of the Euro Summit, Donald Tusk, the President of the Eurogroup, Jeroen Dijsselbloem, the President of the European Central Bank, Mario Draghi, and the President of the European Parliament, Martin Schulz – have revealed ambitious plans on how to deepen the Economic and Monetary Union (EMU) as of 1 July 2015 and how to complete it by latest 2025. To turn their vision for the future of EMU into reality, they put forward concrete measures to be implemented during three Stages: while some of the actions need to be frontloaded already in the coming years, such as introducing a European Deposit Insurance Scheme, others go further as regards sharing of sovereignty among the Member States that have the euro as their currency, such as creating a future euro area treasury. This is part of the Five Presidents’ vision according to which the focus needs to move beyond rules to institutions in order to guarantee a rock-solid and transparent architecture of EMU. Delivering a Deeper and Fairer Economic and Monetary Union has been one of the top 10 priorities of President Juncker in his Political Guidelines.
Despite the progress made in the past few years, particularly with the launch of the Banking Union, EMU remains incomplete. Divergence across the euro area is significant and the crisis of recent years has further highlighted existing shortcomings. It is clear that with 18 million unemployed and many within our societies exposed to risks of social exclusion, a lot more needs to be done to turn the euro area - the world's second largest economy – into a rock-solid architecture. We need a lasting, fair and democratically legitimate basis for the future which contributes to more growth, jobs and prosperity for all citizens.
Source and additional information: