EU-flash: Deepening of Europe’s Economic and Monetary Union

15/12/2017

L’élaboration d’un plan par étapes pour la période à venir, la création d’un Fonds monétaire européen, la transposition du Traité relatif au Mécanisme européen de stabilité en droit européen, nouveaux instruments budgétaires pour la zone euro et la désignation d’un ministre européen des Finances. La Commission a présenté le 6 décembre ces propositions pour renforcer l’Union monétaire et européenne.

Vous trouverez ci-dessous un résumé en anglais du programme de travail.

Deepening Europe’s Economic and Monetary Union

On 6 December, the European Commission set out a Roadmap for deepening the Economic and Monetary Union, including concrete steps to be taken over the next 18 months. The overall aim is to enhance the unity, efficiency and democratic accountability of Europe’s Economic and Monetary Union by 2025.

A roadmap on further steps towards completing Europe’s Economic and Monetary Union

In the view of the Commission, a Roadmap should be agreed upon, which should include a number of steps to be taken over the next 18 months:

By mid-2018:

  • 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;
  • agreement on a common backstop for the Single Resolution Fund with a view to its quick operationalisation by 2019;
  • adoption of the amending proposal to double the activities of the Structural Reform Support Programme by 2020;
  • adoption of the targeted changes to the Common Provisions Regulation in support of the implementation of national reforms.

By the end of 2018:

  • adoption of the proposal on the European Deposit Insurance Scheme.
  • formalisation of dialogue practices between the European Parliament and the Commission.

By mid-2019:

  • 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;
  • a common understanding on the role of a European Minister of Economy and Finance in the context of the next Commission.
  • 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;
  • 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.

For more information.

Four main proposals of the package

  • A proposal for the establishment of a European Monetary Fund anchored in the Union legal framework: The Commission aims to build on the well-established structure of the European Stability Mechanism (ESM) and establish a new European Monetary Fund (EMF) as a robust crisis management body, anchored firmly within the Union legal framework. The European Parliament and the Council are invited to adopt this proposal by mid-2019.
  • A proposal to integrate the substance of the Treaty on Stability, Coordination and Governance into the Union Legal framework: In 2012, 25 signatory Member States of the Treaty on Stability and Growth Pact, legally committed to incorporate the substance of that treaty into Union law five years after its entry into force, which corresponds to 1 January 2018. The European Parliament and the Council are invited to adopt this proposal by mid-2019.
  • A Communication on new budgetary instruments for a stable euro area within the Union framework: The Commission will present the necessary initiatives in May 2018 in the context of its proposals for the post-2020 Multiannual Financial Framework. The European Parliament and the Council will then be invited to adopt these proposals by mid-2019.
  • The creation of a European Minister of Economy and Finance: The Commission invites the European Parliament and the Council to reflect on the ideas presented as part of this package, with a view to reaching a common understanding on the roles and functions of a European Minister of Economy and Finance by mid-2019.

More information:

Deepening Europe's Economic and Monetary Union – Questions and Answers
Factsheets on Deepening Europe's Economic and Monetary Union
Flash Eurobarometer 458 on the euro area, December 2017
Communication on further steps towards completing the Economic and Monetary Union
Proposal for the establishment of a European Monetary Fund anchored in the Union legal framework
Proposal to integrate the substance of the Treaty on Stability, Coordination and Governance into the Union legal framework, taking into account the appropriate flexibility built into the Stability and Growth Pact and identified by the Commission since January 2015
Communication on new budgetary instruments for a stable euro area within the Union framework
Targeted changes in the Common Provisions Regulation to mobilise funds in support of national reforms
An amendment to strengthen the Structural Reform Support Programme
Communication on a European Minister of Economy and Finance

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