Terms of Reference
Chapter 1: 'Genuine Economic and Monetary
Union'Sticking plaster or miracle cure?
Box 1: Main elements of 'Genuine Economic
and Monetary Union'
Box 2: Proposed timescale for 'Genuine Economic
and Monetary Union' (as proposed in late 2012)
Diagnosing the problem
The sticking plaster approach
Box 3: Measures already taken to address
Box 4: Key events since June 2012
A case for treaty change?
Table 1: The timescale and legal form of
the 'Genuine Economic and Monetary Union' proposals
Inoculating the UK?
Bottling the cure
Chapter 2: Integrated Financial FrameworkBanking
Single Supervisory Mechanism
Box 5: Key provisions of the Single Supervisory
The role of the ECB
i) The ECB's comprehensive assessment of
the banking system
ii) The ECB's monetary policy and supervisory
iii) Outright Monetary Transactions (OMTs)
Single Resolution Mechanism
The Commission's proposal
Box 6: The Commission's original proposals
for a Single Resolution Mechanism and Single Bank Resolution Fund
Timber-framed or steel-framed?
Issues of controversy
The role of the Commission
The resolution fund and the treatment of
Treaty base and the impact on non-participants
Understanding the German perspective
The 18 December 2013 Council agreement
Box 7: Main elements of the General Approach
agreement on the Single Resolution Mechanism, 18 December 2013
Single Deposit Insurance scheme
Further steps to break the link between bank
and sovereign debt
Chapter 3: Further stepsAn integrated
budgetary and economic policy framework
An integrated budgetary framework
A eurozone budget?
An integrated economic policy framework
Progress so far
Box 8: Deeper Economic Coordination
Convergence and Competitiveness Instrument/
Deeper economic policy integration
Chapter 4: Implications for the UK
'Genuine Economic and Monetary Union'
and the UK
Greater participation in Banking Union?
The impact on the City of London
The effect on the Single Market
UK at the margins?
The German perspective
The need to be fully involved
Chapter 5: Summary of conclusions
Appendix 1: EU Sub-Committee on Economic
and Financial Affairs
Appendix 2: List of Witnesses
Appendix 3: Call for evidence
Appendix 4: Glossary
Evidence is published online at http://www.parliament.uk/hleua/
and available for inspection at the Parliamentary Archives (020
References in footnotes to the Report are as follows:
Q refers to a question in oral evidence.
Witness names without a question reference refer
to written evidence.