Brussels, 12/03/2015 (Agence Europe) - On Wednesday 11 March, the European Commission held a meeting of the representatives of the 28 member states on reform of economic and monetary union (EMU) ahead of the unveiling of a 4 + 1 presidents' report at the European Summit in June.
“Yesterday, the sherpas had the first opportunity to discuss the European Commission's analytical note,” explained Commission spokesperson Margaritis Schinas on Thursday 12 March. The note assesses the strengths and weaknesses of EMU and was presented to the February European Summit by the president of the European Commission, Jean-Claude Juncker (see EUROPE 11252).
The most immediate and possibly the most accessible issue (if it doesn't require changes to the treaty) is to encourage the member states to make greater reforms to their economies and encourage ownership of said reforms by stakeholders at European and national level.
Asked about the member states' ambitions when it comes to a federal leap in the direction of greater budget integration, he said that among some member states “there is an appetite to work further although some are more in favour of integration than others.” “Look what has happened since 2012: banking union, SGP reform and the fiscal compact. No federal fiscal union but you should admit that we have more tools.” “The time has come to see what else we are missing,” said Schinas.
Wednesday's meeting provided an opportunity to establish a methodology and a timetable. The next stage will be receiving member states' contributions to the questions they have been asked with a view to reaching tangible reform proposals by June.
The 4+1 presidents' report on reform of EMU was drawn up by the presidents of the European Commission, the European Council, the European Central Bank and Eurogroup. The European Parliament was kept informed about the discussions. (Mathieu Bion)