European Commission roadmap on economic and monetary union
Industry News | 07/12/17
European Commission published a package of measures on completing Europe’s economic and monetary union (EMU), including:
• A communication containing a roadmap on further steps to completing EMU. In the communication, the Commission calls for agreement on a roadmap for the completion of measures relating to the EMU. These include a number of financial services measures relating to banking reforms and the capital markets union (CMU):
• A legislative proposal for a Council Regulation on the establishment of the European Monetary Fund (EMF). The Commission proposes that one of the EMF’s roles will be to act as a common backstop to the single resolution fund (SRF). The EMF will have the power to provide financial support to the single resolution board (SRB) through credit lines or guarantees for the SRB’s tasks relating to credit institutions in the banking union.
The Commission has also published a press release and a fact sheet containing Q&As on the Commission’s proposals.