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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Letter from Eurogroup President to European Council President on the deepening of the Economic and Monetary Union (EMU)

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