Following the Commission's White Paper on the Future of Europe presented on 1 March, the Commission has now set out possible ways forward for deepening Europe's Economic and Monetary Union (EMU). The reflection paper published on 31 May builds on the Five Presidents' Report of June 2015 and is intended both to stimulate the debate on the Economic and Monetary Union and to help reach a shared vision of its future design. Paying due attention to the debates in Member States and to the views of other EU institutions, the paper sets out concrete steps that could be taken by the European elections in 2019, as well as a series of options for the following years, when the architecture of the EMU would be completed. Completing the EMU is not an end in itself, but is needed to provide jobs, growth, social fairness, economic convergence and financial stability. Moving ahead would involve completing a genuine Financial Union, achieving a more integrated Economic and Fiscal Union, and anchoring democratic accountability and strengthening euro area institutions.