22/07/2015 (Agence Europe) - Juncker says five presidents' report is “too timid”. The report by the five presidents (European Commission, European Council, ECB, Ecofin and European Parliament) on deepening economic and monetary union (EMU) is, “in my view, too timid”, European Commission President Jean-Claude Juncker said in an interview published by the newspaper Le Soir on Wednesday 22 July. The report identifies two phases: the first (2015-2017) will concentrate on immediately possible initiatives that will not require treaty change, such as completing banking union; and the second will see more ambitious measures, such as a budget specifically for the eurozone (see EUROPE 11340). Juncker says that, having drafted the report, the presidents of the European institutions had called for changes to the treaty. (MB)