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European Council: EU leaders agree to ESM backstop and to move forward with completion of Banking Union

Meeting on 29 June in the EU27 format for the Euro Summit, EU leaders agreed on the need to continue moving forward with the completion of the Banking Union, and that work should start on a roadmap for beginning political negotiations on the European Deposit Insurance Scheme.

date:  16/07/2018

See alsoEuropean Council, 28-29/06/2018

Meeting on 29 June in the EU27 format for the Euro Summit, EU leaders agreed on the need to continue moving forward with the completion of the Banking Union, and that work should start on a roadmap for beginning political negotiations on the European Deposit Insurance Scheme. In particular, they agreed to reform the European Stability Mechanism (ESM) to provide a backstop for the Single Resolution Fund (SRF) that would protect EU citizens in the case of failing banks. EU leaders will revisit these topics in December 2018. Leaders also welcomed the Eurogroup statement of 21 June 2018 on the final disbursement of financial assistance to Greece and on debt relief measures, which successfully complete the financial assistance to Greece. During their meeting the previous day on 28 June, EU leaders stressed that the fight against tax avoidance, evasion and fraud must be vigorously pursued both at the global and EU level. They also encouraged the Council to move forward on the Commission proposals regarding digital taxation. Leaders endorsed the integrated country-specific recommendations as discussed by the Council, thus allowing the conclusion of the 2018 European Semester. They agreed that the current positive economic situation should be used for strengthening reform momentum.