The Five Presidents’ Report on completing Europe’s Economic and Monetary Union

The European Economic and Monetary Union (EMU) and the Euro, Europe’s shared currency, have created growth, prosperity and jobs for the citizens of the EU. However, the crisis and its aftermath have shown that the EMU is in need of fundamental reform. The Five Presidents’ Report published by the European Commission presents comprehensive proposals for completing the EMU.

The Euro area has inadequate mechanisms for responding to income shocks. At the same time, the member states do not have the fiscal freedom to fulfil their role as stabilising forces. The proposals in the Five Presidents’ Report cover not only a fundamental deepening of the internal market but also numerous institutional changes and the creation of a long-term fiscal union. During the first phase, which ends in June 2017, existing instruments will be used. After that, a White Paper will spell out subsequent steps.

The BDI has taken a stance on the Five Presidents’ Report in a position paper, which will make it a proactive voice in the debate and help to strengthen the EMU as a successful model for European industry and the European public.