Brussels, 22/06/2016 (Agence Europe) - Now is not the time for a great leap forward to genuine political union within the Eurozone, according to the President of the Eurogroup, Jeroen Dijsselbloem.
“I don't believe that we should take the next big steps in deepening or expanding the Union. In the Eurozone, some are pushing for completion of the monetary union by creating a full political union, a euro area economic government or even a Euro budget”, the Dutch finance minister said in Berlin on Tuesday 21 June, three days ahead of the referendum on whether or not the United Kingdom will stay in the European Union. He said that what needs to be done is to finish the work that has already been started, such as banking union in the Eurozone or the Capital Markets Union, but “let's not build more extensions to the European house while it is so unstable”, he stressed, calling for a pragmatic approach.
At the European summit of Tuesday 28 and Wednesday 29 June, the European leaders will welcome the agreement of the Ecofin Council on a roadmap for the work towards completion of banking union, according to draft conclusions of the summit dated Monday 20 June. This roadmap makes the political negotiations on the European deposit insurance scheme (EDIS), the third and final pillar of banking union, conditional on reducing the financial risks in the banking sector (see EUROPE 11575). (Original version in French by Mathieu Bion)