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Commission sets out next steps towards a deep and genuine Economic and Monetary Union

20.03.2013 - The Commission presented two new Communications: one on ex-ante coordination of plans for major economic policy reforms and one on a Convergence and Competitiveness Instrument.

Today, the European Commission presented two new Communications on the next steps towards a deep and genuine Economic and Monetary Union (EMU). The aim 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 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 reasoning behind this is to properly take into account any positive or negative spillovers of the reforms on other euro area countries early on in the decision-making process.

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.

These two new instruments complement the structures that already exist for the surveillance of budgetary and economic policy at EU level, which have been enhanced through the European Semester, six- pack and two-pack reforms.

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