The five presidents – Jean-Claude Juncker (European Commission), Donald Tusk (European Council), Jeroen Dijsselbloem (Eurogroup), Mario Draghi (European Central Bank), Martin Schulz (European Parliament) have released on June 22 their plan on how to deepen and complete the Economic and Monetary Union (EMU) by 2025 at the latest.
Considering that the significant divergences across the euro area create fragility for the whole Union, the authors recommend to move together towards a genuine Economic, Financial, Fiscal and Political Union.
For that purpose, whereas no Treaty change is immediately considered, several concrete measures are proposed for the period 2015-2017 (“Stage 1”), such as the creation of a euro area system of Competitiveness Authorities as well as a common Deposit Insurance Scheme.
From July 1st 2017, measures of a further-reaching nature requiring Treaty changes are suggested (“Stage 2”). They will primarily concern the Eurozone which could be provided with a full-time Presidency as well as a euro area treasury division aimed to enhance fiscal coordination.