What are the next steps in the EMU reform?

The ESM reform is part of a comprehensive package of measures to deepen Economic and Monetary Union (EMU), including work on completing Banking Union. Capital Market Union serves to strengthen the single market for the European Union. It is particularly important for the euro area as it strengthens financing for the economy and makes it more robust.

Discussions will continue on the creation of a European deposit insurance scheme, which is the missing third pillar of banking union. More technical work will be needed to define the possible ways forward.