COLLEGE MEETING: Commission proposes a governance framework for the Budgetary Instrument for Convergence and Competitiveness

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Building on the vision set out in the Five Presidents’ Report of June 2015, the Commission’s Communication on the Deepening of the Economic and Monetary Union of 12 June 2019 and the guidance by the Euro Summit of 21 June 2019, the European Commission today proposes a governance framework for the Budgetary Instrument for Convergence and Competitiveness. The instrument will help euro area Member States and other participating Member States to enhance the resilience of their economies and of the euro area through support to targeted reforms and investment. Vice-President Valdis Dombrovskis, responsible for the Euro and Social Dialogue, also in charge of Financial Stability, Financial Services and Capital Markets Union, said: “Strengthening Europe’s Economic and Monetary Union has been a centrepiece of my work under this Commission. Today we are making sure that all elements are on the table for a successful and timely agreement on the Budgetary Instrument for Convergence and Competitiveness by the EU co-legislators. Supporting coherent reforms and investment packages will help increase competitiveness, strengthen resilience and enhance convergence, ultimately leading to a more prosperous and stronger Europe.” Günther H. Oettinger,Commissioner for Budget and Human Resources, said: “The EU budget will in future provide financial support to combined structural reforms and investments proposed by euro area Member States. This will enhance the effectiveness of EU spending and it will support convergence and competitiveness in the euro area. Our proposal today puts in place the governance for this new instrument. This represents a significant innovation for the euro area.” 

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