The Commission announced on 4 April that it would publish a reflection paper on completing Europe’s Economic and Monetary Union (EMU) and one on the social dimension of Europe. The reflection paper on completing EMU is scheduled for publication on 31 May. It should sum up the different options and clearly indicate their consequences with an eye to completing EMU by 2025. The Five Presidents’ Report drew lessons from the past and outlined the building blocks for completing EMU: building on economic, financial, fiscal, and democratically accountable political unions. During phase one of the Report, the European Fiscal Board was established; a recommendation was made to Member States on National Productivity Boards; a proposal was made on the European Deposit Insurance Scheme; and work on the Single Resolution Fund continued. During phase two, the EU will focus on completing the financial union and re-launching the euro area convergence process. The two reflection papers are closely linked: digitalisation and robotisation; demographic trends; and mobility and migration mean that inequality and social fragmentation need to be addressed by economic policy.