Towards a genuine Economic and Monetary Union
Proposal of the President of the European Council
- An integrated financial framework (Banking Union)
- A Single European Supervisor (ECB).
- A single regulation (Single Rulebook).
- A European deposit guarantee scheme.
- A European bank resolution scheme.
- An integrated budgetary framework (Fiscal Union).
- An integrated economic policy framework (Economic Union).
- Increased legitimacy and democratic control (Political Union).
Main ECB actions since December 2011:
- 3-year LTROs (December 2011 and February 2012)
- Increased collateral availability (December 2011 and February 2012). Includes non-euro denominated debt instruments (September 2012).
- Interest rate cut of 25 bps to 0.75% (July 2012).
- OMTs purchase of public debt (between 1-3 years) on the secondary market (September 2012)
- Subject to ESM conditionality for:
- Full macroeconomic adjustment program.
- Precautionary program (precautionary credit line).
