Memo: EU Economic governance: a major step forward

The EU and its Member States have taken a series of important decisions that will mean stronger economic and budgetary coordination for the EU as a whole and for the euro area in particular. In this way, an imbalance that has existed between the two parts of Europe's Economic and Monetary Union (EMU) is being rectified. The decisions will ensure that Member States more closely coordinate their economic policies – something the crisis has shown to be essential. As a result, the EU's interdependent economies will be better placed to chart a path to growth and job creation. It is a major step forward.