Following the Commission's White Paper on the Future of Europe presented on 1 March, the Commission now sets out possible ways forward for deepening Europe's Economic and Monetary Union.

Today's reflection paper builds on the Five Presidents' Report of June 2015 and is intended both to stimulate the debate on the Economic and Monetary Union and to help reach a shared vision of its future design. Paying due attention to the debates in Member States and to the views of other EU institutions, the paper sets out concrete steps that could be taken by the European elections in 2019, as well as a series of options for the following years, when the architecture of the Economic and Monetary Union would be completed.

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