European Commission: Completing Europe's Economic and Monetary Union- policy package
06 December 2017
The package constitutes further important steps for the deepening of Europe's Economic and Monetary Union. Building on the Leaders' Agenda, concrete decisions are expected in the coming months. In the view of the Commission, a roadmap should be agreed upon, which should include the following steps over the next 18 months.
By mid-2018:
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adoption of the necessary legal acts to complete the Banking Union, including the 2016 November risk-reduction package to strengthen the resilience of EU banks. In parallel, work on proposals relating to the Capital Markets Union needs to continue.
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agreement on a common backstop for the Single Resolution Fund with a view to its quick operationalisation by 2019.
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adoption of the amending proposal to double the activities of the Structural Reform Support Programme by 2020.
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adoption of the targeted changes to the Common Provisions Regulation in support of the implementation of national reforms.
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By the end of 2018: adoption of the proposal on the European Deposit Insurance Scheme.
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formalisation of dialogue practices between the European Parliament and the Commission.
By mid-2019:
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adoption of the proposals leading to (1) the establishment of a European Monetary Fund, (2) the incorporation of the Treaty on Stability, Coordination and Governance into Union law and (3) the establishment of unified representation of the euro area in the International Monetary Fund.
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a common understanding on the role of a European Minister of Economy and Finance in the context of the next Commission, with the Eurogroup agreeing to elect the Minister as its President for two consecutive mandates.
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conclusion of the discussions on pending proposals to improve the functioning of the euro area and adopt in the context of the next Multiannual Financial Framework: (1) proposals for structural reform support, (2) a dedicated convergence facility for non-euro Member States, (3) a stabilisation function.
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finalisation of all pending legislative initiatives for the Capital Markets Union, including the review of the European Supervisory Authorities, all changes to the European Markets Infrastructure Regulation and the Pan-European Pension Product.
While progressing on all these fronts, it will be important to have a clear sense of direction for the period 2019-2024, with a view to deepening Europe's Economic and Monetary Union by 2025. The roadmap in appendix 1 recalls the main steps that would still be necessary beyond 2019, building on the Reflection Paper on the deepening of the Economic and Monetary Union. These steps should be part of the common understanding to be reached by mid-2018."
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