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
Contents
Chapter 1: Introduction: why the euro matters to the UK
The subject matter of this report
Why the euro matters to the UK
Overview of policy developments since 2011
Genuine Economic and Monetary Union
Box 2: Genuine Economic and Monetary Union
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
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?
Box 7: The Single Resolution Mechanism
Risk-sharing and risk reduction arrangements in the Banking
Union
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
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
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
Coda: the implications for the UK
Summary of conclusions and recommendations
Appendix 1: List of members and declarations of interest
Appendix 5: Interpretations of ‘fiscal union’
Evidence is published online at http://www.parliament.uk/completing-europes-economic-and-monetary-union and available for inspection at the Parliamentary Archives (020 7129 3074).
Q in footnotes refers to a question in oral evidence.