Brussels, 24/06/2015 (Agence Europe) - On Thursday 25 and Friday 26 June, the heads of state and government of the EU will focus on measures that can be taken, in the short term and without having to change the treaties, to bolster the Economic and Monetary Union (EMU).
On Thursday evening, the European leaders will attend the presentation of the report of the '5 presidents' (European Commission, European Council, ECB, Eurogroup and European Parliament), which envisages two stages to reinforce the EMU: - a first phase between 2015 and 2017 on measures that can be taken quickly and without treaty change, such as the creation of national competitiveness authorities, the completion of banking union by fully setting a European deposit insurance scheme in place, the streamlining of the representation of the eurozone in international fora; - a second phase up to 2025, during which more ambitious measures will be taken, such as setting in place the Eurozone's own budgetary capacity, laying down binding economic convergence standards, a permanent Eurogroup Presidency and the inclusion of inter-governmental rules and entities (budgetary pact, bailout fund) in the Community regulatory scope (see EUROPE 11340).
Following their exchange of views on Friday morning, the European leaders will adopt specific conclusions on the next steps to be taken. “The most likely outcome” is that the European Council will ask the forthcoming Luxembourg Presidency of the EU to have a detailed look at the possible “phase 1 measures”, according to a senior European diplomat. The President of the European Council, Donald Tusk, is reported to be very much in favour of a discussion of this kind, in order to show that the heads of state and government don't just meet for post-crisis firefighting exercises.
On Wednesday, the European Parliament was called upon to adopt its position on the reform of the EU on the basis of the report by Pervenche Berès (S&D, France), which was voted through by the economic and monetary affairs committee on the strength of the votes of the S&D and EPP groups alone (see EUROPE 11336). (Mathieu Bion and Jan Kordys)