December 2018 Euro Summit marks new chapter for the ESM
December 2018 Euro Summit marks new chapter for the ESM
The Euro Summit endorsed a package of measures to deepen European Economic and Monetary Union (EMU), assigning the ESM a stronger role in safeguarding financial stability.
In December, the Heads of State or Government endorsed a package of reforms to reinforce the resilience of the euro area. The measures included enhancing the ESM’s role, as well as a commitment to work on completing banking union and designing a budgetary instrument for convergence and competitiveness for the euro area countries. The agreement on the ESM’s future built upon the recognition of its effectiveness in providing stability support to euro area members and on the understanding reached between the European Commission and the ESM on their future cooperation. This marks an important milestone in the institution’s further development.
The package of proposals included a Term sheet on ESM reform, agreed by the euro area finance ministers at their December Eurogroup meeting, accesible in full through the link below:
