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Economic and Monetary Union: Commission, need to accelerate progress on banks and capital markets

(Brussels) Today’s report by the European Commission on the Economic and Monetary Union (EMU) outlines some priorities for EU leaders ahead of the Euro Summit on 21 June. First of all, according to the Commission, there is a need 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”. It is then important to “finalise the changes to the Treaty establishing the European Stability Mechanism with a view to a swift ratification by the euro-area Member States”. Likewise it is necessary to “make a renewed effort to complete the Banking Union starting with political negotiations on the European Deposit Insurance Scheme”. The Commission also calls on EU leaders to “accelerate progress on the Capital Markets Union”. The EMU will “foster further market integration and help ensure that Europe’s capital markets can withstand major internal or external challenges to the stability of the Economic and Monetary Union”.

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