EU heads of states are meeting in Brussels on 13-14 December to hammer out an agreement on banking supervision and set out a longer-term roadmap to deepen the eurozone's economic and political integration. A new round of treaty changes and a dedicated budget for the eurozone are all on the agenda.
At a summit in October, EU leaders have agreed to complete the European banking union by 2014, and to hammer out the legal framework by the end of 2012.
European leaders will seek to agree on a “deep and genuine European monetary union” during a two-day summit that begins today (13 December), but diplomats say it should not be seen as a “big bang” event.
EXCLUSIVE / EurActiv France has obtained a copy of the draft conclusions of the EU summit in Brussels on 13-14 December. Plans to complete the legal framework for a European banking union are partly delayed until 2013. And the debate over deepening economic and political integration in the eurozone - including changing the EU treaties - will not take place until after the 2014 European elections.
An impasse over plans for the European Central Bank to supervise banks takes centre stage today (12 December) at a finance ministers' meeting that precedes the EU leadership summit on Thursday and Friday.
French President François Hollande has put the brakes on a German-backed "political union", saying it should only be considered after the 2014 European elections and could not happen before there is agreement on creating banking and "social" unions.
The two-day EU summit that begins today (18 October) will be an exploratory one, according to diplomats in Brussels who say EU leaders will be seeking “the lower common denominators” for shaping the economic and monetary union.
European leaders will discuss specific steps towards a cross-border banking union, closer fiscal integration and the possibility of a debt redemption fund at a summit on 28-29 June, according to a document prepared for the meeting.
Social policy indicators such as unemployment could soon form part of the European Commission’s regular monitoring of EU countries’ economic and budgetary imbalances under plans floated by Brussels today to deepen the social dimension of the Economic and Monetary Union (EMU).
The leaders of France and Germany joined in a symbolic celebration of unity on Sunday (8 July), hailing a relationship that has brought peace to Europe for 50 years. French President François Hollande underlined that the proposed banking union is the “first step to a budgetary union, which will open the way to stability, growth, and tighter ties.”
The extent to which European banking union will cover all banks in the eurozone came under fire yesterday (3 September) as MEPs and the German finance minister raised doubts that the Commission’s blueprint will be feasible.
The European Commision has started laying the groundwork for the next stage of eurozone integration, claiming there is “political appetite” in European capitals to start discussing reforms, followng the French and German elections in 2017.
The European Commission proposed new ways on Wednesday (20 March) to coordinate eurozone economic policies, together with a cash incentive for change, as part of a plan to create an economic union to complement the single currency.