The present document provides a single source for the existing corpus of legal texts that underpin the Economic and Monetary Union. The first part of this document therefore brings together in one publication the relevant provisions of the consolidated versions of the Treaty on European Union and the Treaty on the Functioning of the European Union, legislation that has been adopted by the Council and the European Parliament, key ECB decisions and relevant intergovernmental agreements signed by the Member States whose currency is the euro.
Regarding secondary Union legislation which has been amended, and in order to facilitate the reading of the texts, this publication includes where possible the consolidated versions. Consolidation entails the integration of the basic legal instrument, its amendments and corrections in a single non-official document. However, the basic legal acts with amendments and corrections remain the only legally binding texts.
The financial and economic crisis that hit Europe in 2008 revealed the need for further strengthening of the Economic and Monetary Union edifice. The second part of this document contains the main policy documents and legislative proposals that map out the path towards an even stronger and more resilient Economic and Monetary Union. This section comprises documents that frame the general direction of travel (the 5 Presidents' Report and the European Commission's Reflection Paper on the deepening of the Economic and Monetary Union). It also contains the full package of reform proposals for the Economic and Monetary Union brought forward by the European Commission since December 2017.
In putting this compilation together, it was necessary to be selective and leave aside several other texts which are relevant for the functioning and completion of the Economic and Monetary Union. This is the case, for example, for the legal provisions governing the practical aspects of the single currency. Moreover, given the focus on provisions governing the architecture and functioning of the Economic and Monetary Union, this publication does not encompass the significant body of legislation and specific policy documents relating to the Banking Union apart from the institutional legislation on the Single Supervisory Mechanism and the Single Resolution Mechanism.
This is a text produced for documentary purposes, for which the institutions of the European Union cannot be held liable.
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