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Completing Europe's Economic and Monetary Union
Report

Completing Europe's Economic and Monetary Union

The Five President's Report

Jean-Claude Juncker
European Commission, 2015
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7

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In the wake of the Great Recession, European Union member states pursued hasty remedies to regain economic stability. These saved the “single market,” but also left the EU vulnerable to future crises. The solution, according to EU president Jean-Claude Juncker, is for Europe to complete the institutional architecture of its Economic and Monetary Union. In this report, Juncker – together with the president of the Euro Summit, the president of the Eurogroup, the president of the European Central Bank, and the president of the European Parliament – offers step-by-step recommendations for how EU member states must work together to bring about a more viable, economic, financial, fiscal and political coalition. This report is a must-read for European policy makers, but getAbstract also recommends it to all European citizens.

Take-Aways

  • To better prevent and respond to crises like the Great Recession, European Union member states must commit to a stronger, more fully integrated Economic and Monetary Union in four areas:
  • Bringing about a stronger “Economic Union” requires structural reforms to foster economic growth and to create jobs.
  • A stronger “Financial Union” includes EU-wide risk sharing: The EU must commit to a single banking system and create an EU-wide market for capital.

About the Author

Jean-Claude Juncker is the current president of the European Commission.

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