Completing Europe’s Economic and Monetary Union

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Publication Date June 2015
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Presidents from five different institutions of the European Union - European Commission, European Council, Eurogroup, European Central Bank and European Parliament - released in June 2015 a document which sets out a plan on how to deepen the Economic and Monetary Union (EMU) and how to complete it by 2025.

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The Report called 'Completing Europe's Economc and Monetary Union' was built on another report - the so-called the 'Four Presidents' Report' - and on the European Commission's 'Blueprint for a Deep and Genuine EMU'. It sets out three stages to strengthen the Economic and Monetary Union in the following years. In order to prepare the transition from the first to the second stages, the Commission would present a White Paper in 2017 outlining the next steps needed, including legal measures to compete the EMU in Stage 2. It reflects the personal deliberations and discussions of the five Presidents.

The Euro Summit of October 2014 underlined the fact that 'closer coordination of economic policies is essential to ensure the smooth functioning of the Economic and Monetary Union'. It called for work to continue to 'develop concrete mechanisms for stronger economic policy coordination, convergence and solidarity' and 'to prepare next steps on better economic governance in the euro area'.

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Commentary and Analysis
Social Europe Journal, 23.06.15: What Does The Five Presidents’ Report Mean For The Future Of The Euro?
Centre for European Reform: Insghts, 22.06.15: The eurozone's 'five presidents' report': An assessment
EurActiv, 25.06.15: The eurozone’s Five Presidents' report, and what it means for Britain
EU Law Analysis, 26.06.15: The Five Presidents’ Report on Completing the EMU: A Glimpse at the Future of Europe
Bruegel, 25.06.15: Euro area governance: an assessment of the 'five presidents' report
IIEA: IIEA Economic Governance Group Submission on Analytical Note 'Preparing for Next Steps on Better Economic Governance in the Euro Area'
IAI: Documenti IAI, July 2015: The Report of the Five Presidents: A Missed Opportunity
Bertelsmann Foundation: Flashing Europe No.6, June 2015: Waiting for the Five Presidents’ Report on the Future of the Monetary Union: What do we need to know?

EurActiv, 18.06.15: Eurozone integration plans delayed by Grexit and Brexit threats
EUObserver, 22.06.15: Eurozone should have own treasury by 2025
EurActiv, 22.06.15: EU's 'Five Presidents' lay out eurozone vision, with timetable
Politico, 22.06.15: Five horsemen of the euro’s future

European Council: Press Release, 22.06.15: 'Completing Europe's Economic and Monetary Union': President Donald Tusk on the publication of the 5 Presidents' report
European Parliament: Press Release, 22.06.15: Completing Europe's Economic and Monetary Union
European Central Bank: Press Release, 22.06.15: Roadmap for the future of the Economic and Monetary Union
European Commission: Press Release, 22.06.15: Five Presidents' Report sets out plan for strengthening Europe's Economic and Monetary Union as of 1 July 2015

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