Communication (COM(2015) 600 final) on steps towards completing economic and monetary union
Article 119 of the Treaty on the Functioning of the European Union
Article 120 of the Teaty on the Functioning of the European Union
Article 121 of the Treaty on the Functioning of the European Union
The communication sets out the measures that should be taken to complete the first stage of the economic and monetary union (EMU), which began on 1 July 2015, by early 2017. It has since been followed by a more forward-looking European Commission reflection paper on deepening the EMU.
Articles 119, 120 and 121 of the Treaty on the Functioning of the European Union concern the EU’s economic and monetary policy. Under these articles, EU countries agree to:
The communication calls for:
In May 2017, the Commission, building on the 2015 communication, published a reflection paper on deepening the EMU. This endorsed 4 principles to strengthen the single currency and jointly tackle issues of common interest that go beyond national borders. These are:
The paper highlighted the need for progress in 3 areas:
In June 2015, the presidents of the Commission, the European Parliament, the European Central Bank, the Euro Summit and the Eurogroup presented their report (‘Five presidents’ report’) on completing the EMU. The communication elaborates on the Stage 1 roadmap that their report contained.
The Commission’s EMU reflection paper is part of a series launched by its White Paper on the future of Europe in March 2017, which includes:
For more information, see:
Consolidated version of the Treaty on the Functioning of the European Union — Part Three — Union policies and internal actions — Title VIII — Economic and monetary policy — Article 119 (ex Article 4 TEC) (OJ C 202, 7.6.2016, pp. 96–97)
Consolidated version of the Treaty on the Functioning of the European Union — Part Three — Union policies and internal actions — Title VIII — Economic and monetary policy — Chapter 1 — Economic policy — Article 120 (ex Article 98 TEC) (OJ C 202, 7.6.2016, p. 97)
Consolidated version of the Treaty on the Functioning of the European Union — Part Three — Union policies and internal actions — Title VIII — Economic and monetary policy — Chapter 1 — Economic policy — Article 121 (ex Article 99 TEC) (OJ C 202, 7.6.2016, pp. 97–98)
Communication from the Commission to the European Parliament, the Council and the European Central Bank — On steps towards Completing Economic and Monetary Union (COM(2015) 600 final, 21.10.2015)
Reflection paper on the deepening of the economic and monetary union (COM(2017) 291 final, 31.5.2017)
Completing Europe’s economic and monetary union, report by Jean-Claude Juncker in close cooperation with Donald Tusk, Jeroen Dijsselbloem, Mario Draghi and Martin Schulz, 22.6.2015
last update 01.12.2017
(1) The United Kingdom withdraws from the European Union and becomes a third country (non-EU country) as of 1 February 2020.