European Union Committee
'Whatever it takes': the Five Presidents' Report on completing Economic and Monetary Union

13th Report of Session 2015-16 - published 12 May 2016 - HL Paper 143



Chapter 1: Introduction: why the euro matters to the UK

The subject matter of this report

Will the euro survive?

Why the euro matters to the UK

Overview of policy developments since 2011

Box 1: Steps taken so far

Genuine Economic and Monetary Union

Box 2: Genuine Economic and Monetary Union

The Five Presidents’ Report

This report

Chapter 2: Economic and fiscal policy coordination

Introducing the EU’s economic and fiscal policy coordination tools

Box 3: The Stability and Growth Pact and complementary policy instruments

The EU’s fiscal framework: compliance and implementation

Strengthening fiscal coordination

Box 4: The role of the advisory European Fiscal Board

The coordination of economic policies

The European Semester: stimulating reforms and managing imbalances

Box 5: The European Semester

European Semester: driving reforms?

Implementing structural reforms

The Macroeconomic Imbalances Procedure in focus

National Competitiveness Boards

Box 6: The proposals for National Competiveness Boards

The path towards ‘Economic Union’

Chapter 3: Risk reduction and risk-sharing

Risk reduction and risk-sharing methods: complementary or conflicting?

Financial Union

Fiscal union

Banking Union: state of play

Box 7: The Single Resolution Mechanism

Risk-sharing and risk reduction arrangements in the Banking

Proposed methods to enhance risk-sharing and risk reduction: completing Banking Union

A European Deposit Insurance Scheme

Proposed methods to enhance risk-sharing and risk reduction: Capital Markets Union

Private risk-sharing through capital markets union

Capital Markets Union: a long term project

A path towards a fiscal union

Towards a fiscal union: definitions and current practices

Box 8: Interpretations of ‘fiscal union’

A euro area stabilisation mechanism

Box 9: Options and guiding principles for a euro area
stabilisation fund

Transfer unions

Mutualised debt

Sequencing within a fiscal union

Chapter 4: Democratic accountability, legitimacy and
institutional reform

Short-term measures for parliamentary oversight

External representation of the euro area

A strengthened Eurogroup

A eurozone treasury

A eurozone parliament

Ensuring accountability

Political reality

Coda: the implications for the UK

Summary of conclusions and recommendations

Appendix 1: List of members and declarations of interest

Appendix 2: List of witnesses

Appendix 3: Call for Evidence

Appendix 4: Short-term proposals emanating from the Five Presidents’ Report, to be completed by June 2017

Appendix 5: Interpretations of ‘fiscal union’

Appendix 6: Glossary

Evidence is published online at and available for inspection at the Parliamentary Archives (020 7129 3074).

Q in footnotes refers to a question in oral evidence.

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