On 29 November, the European Commission launched a Blueprint, which provides a multiannual framework for a successful implementation of economic and political reforms. These steps should lead to a “deep and genuine European Monetary Union”. The measures designed by the EC can be partly delivered on the basis of the current Treaties, however, part of the measures requires Treaty change.

Some of these changes should be implemented in the short term, as for example full implementation of European Semester, first changes towards the banking union etc. In a medium term, further improvements should be implemented as further reinforcement of budgetary and economic integration, redemption fund or eurobills. In a long term, a full banking union and full fiscal and economic union should be complete. All these measures should in the end lead to a political union.

For more information, click here.