European Commission launches Roadmap for deepening Europe’s Economic and Monetary Union

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Series Details December 2017
Publication Date 06/12/2017
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Further information:

The overall aim of this Roadmap is to enhance the unity, efficiency and democratic accountability of EU's Economic and Monetary Union by 2025. Adding to those guidelines, the package includes four main initiatives:

+ The proposed setting up of a European Monetary Fund (EMF), anchored with the EU's legal framework and built on the structure of the European Stability Mechanism (ESM);

+ A proposal to integrate the substance of the Treaty on Stability, Coordination and Governance into the Union legal framework;

+ A Communication on new budgetary instruments for the Eurozone within the Union framework, including support to Member States for structural reforms through a reform delivery tool and technical support at the request of the Member States; a dedicated convergence facility for Member States on their way to joining the euro; a backstop for the Banking Union, through the EMF/ESM; a stabilisation function in order to protect investments in the event of large asymmetric shocks;

+ A Communication spelling out the possible functions of a European Minister of Economy and Finance who could serve as Vice-President of the Commission and chair the Eurogroup, as is possible under the current EU Treaties;

Background information:

This Roadmap builds on the vision set out in the Five Presidents' Report of June 2015 and the Reflection Papers on the Deepening of the Economic and Monetary Union and the Future of EU Finances from the Spring 2017.

+ White Paper on the Future of Europe
+ 2017 State of the Union address

The European Commission published on 6 December 2017 a Roadmap for deepening the Economic and Monetary Union, containing a package of communications and legislative proposals to achieve the purpose.

+ Communication on 'Further steps towards completing the Economic and Monetary Union' [COM(2017)821]

+ Communication on 'New budgetary instruments for a stable euro area within the Union framework' [COM(2017)822]

+ Communication on 'A European Minister of Economy and Finance' [COM(2017)823]

+ Proposal to integrate the substance of the Treaty on Stability, Coordination and Governance into the Union legal framework [COM(2017)824]

+ Proposal to strengthen the Structural Reform Support Programme [COM(2017)825]

+ Targeted changes in the Common Provisions Regulation to mobilise funds in support of national reforms [COM(2017)826]

+ Proposal for the establishment of a European Monetary Fund anchored in the Union legal framework [COM(2017)827]

Related Link(s)
EUObserver, 06.12.17: Commission presents plan for beefed-up eurozone https://euobserver.com/economic/140167
EurActiv, 11.12.17: [Opinion] Deepening the EMU, but not at the expense of regions http://www.euractiv.com/section/economy-jobs/opinion/deepening-the-emu-but-not-at-the-expense-of-regions/
European Commission: Publications: Completing Europe's Economic and Monetary Union https://ec.europa.eu/info/publications/economy-finance/completing-europes-economic-and-monetary-union-policy-package
European Commission: Press Release, 06.12.17: Commission sets out Roadmap for deepening Europe's Economic and Monetary Union http://europa.eu/rapid/press-release_IP-17-5005_en.htm
European Commission: Q&A on the Roadmap for deepening Europe's Economic and Monetary Union http://europa.eu/rapid/press-release_MEMO-17-5006_en.htm
European Commission: Commissioner Moscovici's remarks at the press conference on the Economic and Monetary Union http://europa.eu/rapid/press-release_SPEECH-17-5152_en.htm
European Commission: Remarks by Vice-President Dombrovskis at the press conference on the Economic and Monetary Union http://europa.eu/rapid/press-release_SPEECH-17-5147_en.htm
The Baltic Course, 08.12.17: EU’s Economy & Finance Minister’s idea becomes a reality by mid-2019 http://www.baltic-course.com/eng/modern_eu/?doc=135767
Politico, 06.12.17: EU’s big fight on eurozone reform (and everything else) https://www.politico.eu/article/eurozone-reform-eu-big-fight-everything-else/
Deutsche Welle, 06.12.17: Eurozone reform: move along, nothing to see here http://p.dw.com/p/2orPh
The Guardian, 06.12.17: Europe should have its own economy and finance minister, says EC https://www.theguardian.com/business/2017/dec/06/europe-should-have-its-own-minister-of-economy-and-finance-says-ec
BBC News, 06.12.17: Brussels unveils plan to reform eurozone http://www.bbc.co.uk/news/world-europe-42250200
Politico, 05.12.17: Juncker tries to get ahead of France, Germany on eurozone debate https://www.politico.eu/article/jean-claude-juncker-tries-to-get-ahead-of-france-germany-on-eurozone-debate/
Spiegel Online International, 05.12.17: Juncker Seeks Greater Commission Control over Eurozone http://www.spiegel.de/international/europe/commission-and-eurogroup-vie-for-control-of-esm-a-1181815.html
European Parliament: EPRS: What Think Tanks Are Thinking, 01.12.17: Euro-area reform http://www.europeansources.info/record/euro-area-reform-what-think-tanks-are-thinking/
LSE: Europpblog: The pitfalls of pursuing economic resilience in the Eurozone http://www.europeansources.info/record/the-pitfalls-of-pursuing-economic-resilience-in-the-eurozone/
Politico, 13.12.17: Don’t hold your breath for eurozone reform https://www.politico.eu/article/dont-hold-your-breath-for-eurozone-reform/
Deutsche Bank Research: EU Monitor, 08.12.17: The Commission's 'Saint Nicholas' EMU package: no real surprises https://www.dbresearch.com/PROD/RPS_EN-PROD/PROD0000000000457921/The_Commission%27s_%E2%80%9CSaint_Nicholas%E2%80%9D_EMU_package_%C2%96_no.PDF

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