Commission sets out next steps towards a deep and genuine Economic and Monetary Union
On Wednesday the European Commission presented two new Communications on the next steps towards a deep and genuine Economic and Monetary Union (EMU).
The aim of the two Communications is to strengthen economic policy coordination and integration in the euro area. These Communications follow commitments made in the Commission's Blueprint for a Deep and Genuine Economic and Monetary Union last November, and respond to calls from the European Council to take work forward on these two fronts.
The Communication on the ex-ante coordination of plans for major economic policy reforms contains options on how to organise EU-level discussions on large-scale economic policy reforms in the Member States before final decisions are taken at national level.
The Communication on a Convergence and Competitiveness Instrument (CCI) sets out options for two instruments: contractual arrangements for Member States to undertake specific reforms and financial support to help Member States implement these reforms.
President Barroso said: "With these two Communications, the Commission is driving forward the integration process, as we set out in our Blueprint on a Deep and Genuine EMU last November. These proposals – in particular the Convergence and Competitiveness Instrument - combine the need for more discipline at national level with more solidarity at EU level. They underpin the strength of the common currency and will help drive forward Europe's competitiveness, growth and job creation."