A deeper and fairer economic and monetary union

Economic union is about ensuring a high level of well-being for citizens of all eurozone countries. What happens in one EU country affects another. As a response to the economic crisis, the European Semester was created as a system for EU countries to coordinate their economic and fiscal policies.

Financial union is about ensuring Europe has strong and stable banks and capital markets able to finance the real economy. At its heart is a Banking Union. It aims to ensure the banking sector remains healthy and can ensure that depositors' bank accounts are protected. The Commission has been putting together the building blocks of a Capital Markets Union to diversify sources of financing for businesses.

Fiscal union is about ensuring EU countries pursue sound and sustainable fiscal policies. An independent European Fiscal Board (EFB) is now in place to advise the Commission on an appropriate fiscal stance for the euro area and on how well EU countries are implementing EU fiscal rules.

Political union is about ensuring the EU and its institutions are democratically accountable, legitimate and institutionally strong. Democratic accountability lies at the core of the EU and its institutions. The Commission engages closely with the European Parliament and national parliaments in all aspects of EU economic policymaking. The Commission also closely involves social partners in shaping EU policies and encourages EU countries to involve them in the preparation of reforms at national level. A political union would also benefit from the eurozone speaking with one, strong voice at international bodies such as the International Monetary Fund (IMF).

The European Pillar of Social Rights seeks to guarantee new and more effective rights for citizens. These range from equal opportunities and access to the labour market to fairer working conditions and social protection and inclusion.