Third stage of economic and monetary union and extension of the euro area

17.8.2015

Question for written answer E-012094-15
to the Commission
Rule 130
Jonás Fernández (S&D)

The interminable Greek debt crisis has highlighted the importance of deepening and completing the economic, financial, budgetary, fiscal and political aspects of the euro area’s architecture.

The Five Presidents' report makes some interesting proposals, such as developing countercyclical fiscal capacity for the euro area, integrating the European Stability Mechanism into the Community framework and completing banking union by creating a European Deposit Insurance Scheme.

The report sets out a provisional timetable in three stages. During the first stage, set to end in 2017, the plan is for the banking union to be completed and Member States to carry out a series of structural reforms. Fiscal capacity would then be brought in during the second stage, which would, it seems, run until 2025. No precise details are given of measures planned for the third stage.

The report's recommendations need to be implemented faster therefore. The report does not, however, say anything about the need to complete integration of more countries into the euro area.

Does the Commission believe that the euro area could be extended further in the third stage, no information on this having been given so far?