The president of the European Council, published a plan for the future of the eurozone to be discussed in June 28 and 29 EU Summit, propose the creation of three integrated frameworks: financial, budgetary, economic policy. It does not include the suggestion that the ESM should directly recapitalise banks. The report has no timetable for implementation.
|in the Report by President of the European Council:|
The report proposes a vision for a stable and prosperous EMU based on four essential building blocks:
These four building blocks offer a coherent and complete architecture that will have to be put in place over the next decade. All four elements are necessary for long-term stability and prosperity in the EMU and will require a lot of further work, including possible changes to the EU treaties at some point in time.
|source: Report of the European Council: Towards A Genuine Economic And Monetary Union | EU Council|