Main results
Deepening of the economic and monetary union
Leaders of the 19 eurozone countries discussed long-term reforms of the economic and monetary union, including proposals such as the creation of a fiscal capacity for the eurozone.
"We are experiencing the most favourable economic situation since the introduction of the euro. It is therefore the best time to reflect strategically on our long-term ambitions. This is what today’s Euro Summit was all about", said President Tusk after the meeting.
Leaders reaffirmed the most urgent political priorities:
- strengthening of the banking union
- reform of the European Stability Mechanism
They said they would continue talks on these issues at the next Euro Summit in June when they expect to take the first decisions.
The discussions at the Euro Summit built on a note that President Donald Tusk had sent to leaders ahead of the meeting. The note highlighted a link between the issue of fiscal capacity and that of sound and responsible policy-making.
There were no written conclusions from the debate.
Reforms under discussion
The scope and calendar of the reforms were outlined by leaders in December 2017.
In the next 6 months the work of our finance ministers should concentrate on areas where the convergence of views is the greatest. Progressing step-by-step on issues such as the completion of the Banking Union, and the transformation of the ESM into the so-called European Monetary Fund, should significantly strengthen the resilience of the EMU.
President Donald Tusk at the Euro Summit in December 2017
What is the Euro Summit?
The Euro Summit provides policy guidance to ensure the smooth functioning of the economic and monetary union. This helps to coordinate all the relevant policy areas between the eurozone countries.
Donald Tusk is the Euro Summit President and chairs its meetings.
