European Integration 09/2015

The crisis and its aftermath have shown that the European Economic and Monetary Union (EMU) is in serious need of reform. The Five Presidents’ Report presents extensive proposals to complete the EMU. Alongside deepening the Single Market, it proposes numerous institutional amendments and the creation of a Fiscal Union. The long-term stabilisation of the EMU will require the completion of the Banking and Capital Markets Union as well as closer economic policy coordination and a significant deepening of the Fiscal Union.