EU leaders discussed the reform of the Economic and Monetary Union on the basis of a report by the Eurogroup.
They adopted a statement endorsing all elements of the Eurogroup report, including:
- a term sheet on the ESM reform
- the terms of reference of the common backstop to the SRF
- a way forward on the banking union
Leaders also gave a mandate to the Eurogroup for further work on a budgetary instrument for convergence and competitiveness for the euro area, in the context of the multiannual financial framework.
A year ago, we promised concrete steps to strengthen the Economic and Monetary Union. Today, leaders delivered on this promise.
Donald Tusk, President of the Euro Summit