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The European Commission Proposes to Create an Economic and Monetary Union

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Today, on 31 may, Vice-President Valdis Dombrovskis and Commissioner Moscovici presented the Reflection Paper on Deepening the Economic and Monetary Union, the European Commission peresents.

Following the Commission's White Paper on the Future of Europe presented on 1 March, the Commission now sets out possible ways forward for deepening Europe's Economic and Monetary Union. Today's reflection paper builds on the Five Presidents' Report of June 2015 and is intended both to stimulate the debate on the Economic and Monetary Union and to help reach a shared vision of its future design.

Paying due attention to the debates in Member States and to the views of other EU institutions, the paper sets out concrete steps that could be taken by the European elections in 2019, as well as a series of options for the following years, when the architecture of the Economic and Monetary Union would be completed. The options proposed in the reflection paper are intended to help build a broad consensus on how to take on the challenges ahead and to give a fresh impetus to this important debate.

"The euro is one of Europe's most significant achievements. It is much more than just a currency. It was conceived as a promise of prosperity. To keep that promise for future generations, we need the political courage to work on strengthening and completing Europe's Economic and Monetary Union now. Today's reflection paper offers various ideas that should help building a shared vision for the euro as well as concrete steps to achieve it"- Dombrovskis said.

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