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Following the conclusions of the Euro-Summit on the reform of the Economic and Monetary Union (EMU), S&D group president Udo Bullmann states:
 
"While we welcome the fact that European leaders have agreed on first important steps towards the deepening of the Economic and Monetary Union, such as the creation of a banking union backstop in the ESM, this is clearly not enough. If we really want a Eurozone that is more resilient, we need tangible progress on issues such as the creation of a Eurozone budget. Unfortunately, Eurozone leaders decided - once more - to kick the can down the road instead. 
 
"The recent past has clearly shown that the Eurozone needs a meaningful budget that has the financial firepower to stabilise and foster convergence for it to be viable in the long run.  The Banking Union is incomplete unless we have a European Deposit Guarantee Scheme. Without these elements, the reform of the EMU remains half-hearted.
 
"Given the fragile political situation with an unreliable US President Trump, the upcoming Brexit and the Italian budget crisis, the need for a robust economic and monetary union is urgent. The fact that the heads of state and government have missed the latest opportunity of this mandate for a forward-looking breakthrough on the reform of the Eurozone sends a bad sign to the citizens of Europe six months before the next European elections."
 

MEPs Involved

BULLMANN Udo
President
S&D Group president
Germany

S&D Press contact

PENTSI Angelika
President's spokesperson, Press Officer
Greece

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