The presidents of the five European institutions have published a report entitled Completing Europe’s Economic and Monetary Union. The report will be presented to political leaders assembled in the European Council on 25 June 2015.

The report outlines ways to reinforce the foundation of the euro area in two phases. In the coming months, the report suggests a process of “integration by doing” to make euro area economies more resilient and to shore up the euro area as a whole, in particular by completing banking union. The report also calls for the start of a new convergence process for all euro area Member States to achieve higher levels of resilience against shocks. The five presidents note that this convergence process will need to involve further sharing of sovereignty over key policies which would mean moving to joint decision making in common institutions in these areas. At the end of the convergence process the presidents propose setting up a fiscal stabilisation function for the euro area to insure each other more efficiently against shocks while avoiding permanent transfers between Member States.

In spring 2017, the European Commission will make specific proposals on how to pool sovereignty further.

View Roadmap for the future of the Economic and Monetary Union, 22 June 2015