Ahead of the Euro Summit on 21 June 2019, the European Commission took stock of the progress made to deepen Europe's Economic and Monetary Union (EMU) since the Five Presidents' Report and called on Member States to take further concrete steps. In its findings, the Commission notes that in the four years since publication of the report, marked progress has been made to strengthen the single currency area and make the EMU more robust. Many of the gaps revealed by the post-2007 economic, financial and social crisis have been addressed. Yet, important steps still need to be taken. The Commission encouraged EU leaders to reach an agreement on the main features of the Budgetary Instrument for Convergence and Competitiveness and on its size; to finalise the changes to the Treaty establishing the European Stability Mechanism, including an operational and effective common backstop; to make a renewed effort to complete the Banking Union starting with political negotiations on the European Deposit Insurance Scheme; and to accelerate progress on the Capital Markets Union and step up work to strengthen the international role of the euro.