Press conference by José Manuel Barroso on the blueprint for Economic and Monetary Union
José Manuel Barroso, President of the EC, Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, and Michel Barnier, Member of the EC in charge of Internal Market and Services, gave a joint press conference on the blueprint for a deep and genuine Economic and Monetary Union (EMU).
This blueprint was the Commission contribution to the report of the Presidents of the EC, the European Council, the European Central Bank (ECB) and the Eurogroup, to be presented to the European Council of 13-14/12/2012. It identified the weaknesses in the functioning of the EMU and mapped out the measures needed to underpin it in future. These last included short term, medium term and long term perspective. Many of them could be accomplished through secondary legislation. However, some of the longer-term proposals presented would require a Treaty change.