20/03/2013 at 12:30
Where: Brussels, Belgium
Topic: Business | Economy, finance, tax and competition
Organiser: European Commission
On 20 March, the European Commission will put forward two Communications to move forward the debate on the future of the Economic and Monetary Union.
One Communication will include concrete proposals to discuss, at EU level, the most important economic policy reforms that Member States plan to undertake before they take a final decision on these reforms at national level. That way, any positive or negative spillovers of the reforms on other EU countries can be properly taken into account early on in the decision-making process.
The other Communication will put forward options to set up a Competitiveness and Convergence Instrument. The Instrument would consist of two elements. First, it would invite Member States to commit to the timely implementation of a limited number of specific reforms through a contractual arrangement. Second, the Instrument would provide the possibility of financial support for accompanying measures that help smoothen implementation of these reforms; for example, for training or active labour market policies.
Last June, the European Council invited its President, in close collaboration with the Presidents of the Commission, the Eurogroup and the European Central Bank, to present a specific and time-bound roadmap for the achievement of a genuine EMU.
On 28 November 2012, the European Commission adopted a Blueprint for a deep and genuine Economic and Monetary Union which sets out a vision for a strong and stable architecture in financial, fiscal, economic and political domains. It sets out incremental measures to be taken over the short, medium and longer term.
Amongst the short-term measures were the coordination of plans for major economic policy reforms and the introduction of a Competitiveness and Convergence Instrument, which the two Communications to be presented on the 20th March will take forward.
The future of the EMU will be discussed again at the European Council in June, which will decide on concrete measures and a time-bound roadmap.
12.30 Press Conference by Vice-President Rehn in the Berlaymont Press Room in Brussels. Press release with a link to the two Communications will be available on the day.