Economic and Monetary Union: Eurogroup agrees term sheet on euro-area budgetary instrument and revised ESM treaty

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Publication Date 15/06/2019
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Finance ministers from the European Union reached an agreement on 13 June 2019 regarding a number of aspects related to the deepening of the Economic and Monetary Union (EMU).

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Ministers agreed on several features of the budgetary instrument for convergence and competitiveness (BICC), as well as on the revision of the treaty establishing the European Stability Mechanism (ESM). The so-called 'Eurozone budget' is for members of the Euro area, and for ERM II Member States on a voluntary basis.

The agreement followed a number of discussions held on these subjects and is the result of a mandate received from the Europen Council in December 2018. The agreements - together with a cover letter summarising all the main elements of the Eurogroup's discussion on the EMU reform - were submitted to the European Council ahead of its meeting in June 2019.

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Commentary and Analysis
Bruegel: Blog, 24/06/2019: The June Eurogroup meeting: Reflections on BICC
LSE: EUROPP Blog, 01/07/2019: Have Austria, Germany and the Netherlands impeded Eurozone reforms?

City AM, 14/06/2019: EU officials fail to make significant progress on Eurozone budget size and funding
Reuters, 14/06/2019: Euro zone takes small step on integration, but not on key ideas
France24, 14/06/2019: EU ministers strike compromise on Macron-backed eurozone budget
Euronews, 14/06/2019: Progress, but not big breakthrough towards Eurozone budget
RTL Today, 14/06/2019: EU ministers collide over timid eurozone reforms
Bloomberg, 14/06/2019: Finance Chiefs Agree on Euro-Area Budget But Skirt Funding
RTL Today, 16/06/2019: EU ministers strike shaky compromise on eurozone budget
Baltic Times, 16/06/2019: Estonian PM: Single currency to be strengthened by euro area reforms

Letter from Eurogroup President to European Council President on the deepening of the Economic and Monetary Union (EMU)
Eurogroup: Term sheet on the budgetary instrument for convergence and competitiveness, 14 June 2019

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