Progress towards a tighter European economic union continues

In spite of a series of difficulties regarding the future of the Eurozone with troubles in Greece and other non-core member countries, the European Commission remains optimistic about the possibility of creating a deeper and fairer economic and monetary union.

As the latest Commission press release dated 1st July reports, the College of Commissioners, composed of representatives of the 28 member countries discussed the next steps of the "Five Presidents' Report" on completing Europe's Economic and Monetary Union, took the decision to withdraw pending proposals in line with the 2015 Work Programme and met with Mario Monti on the financing of the EU budget.

Based on the „Five Presidents’ Report”, an earlier inquiry into the possible difficulties associated with the future of the economic and monetary union (EMU), the College has decided to both accelerate steps to complete the Banking Union, launch discussions on a future European Deposit Guarantee Scheme, and to reinforce Europe's economic governance framework.

At a following press conference Vice-President and Commissioner for the Euro and Social Dialogue, Valdis Dombrovskis, said: "Many developments so far confirm that the important steps that have been taken over recent years have made our Economic and Monetary Union more stable and more resilient. Whatever course events in Greece will take, I am convinced that EMU will be able to weather them.” Meanwhile, progress towards the EMU continues unabated in the short term.