On 12 June 2019, the European Commission issued a press release which takes stock of the progress made to deepen Europe’s Economic and Monetary Union since the Five President’s Report.

The press release also states that ahead of the Euro Summit of 21 June, the Commission invites EU leaders to:

  • reach an agreement on the main features of the Budgetary Instrument for Convergence and Competitiveness with a view to supporting a swift adoption by the European Parliament and the Council;
  • finalise the changes to the Treaty establishing the European Stability Mechanism with a view to a swift ratification by the euro-area Member States, including an operational and effective common backstop, the provision of liquidity in resolution and active and effective precautionary instruments;
  • make a renewed effort to complete Banking Union starting with political negotiations on the European Deposit Insurance Scheme; and
  • accelerate progress on the Capital Markets Union and step up work to strengthen the international role of the euro.