Main results
The Euro Summit in an extended format of EU27 leaders looked at the economic situation together with European Central Bank (ECB) President Mario Draghi.
Leaders also discussed work done by the Eurogroup regarding deepening of the Economic and Monetary Union (EMU), in particular:
- a budgetary instrument for convergence and competitiveness (BICC) for the eurozone
- changes to the treaty establishing the European Stability Mechanism (ESM)
- strengthening the banking union
The Euro Summit welcomed the progress made by the Eurogroup and invited it to continue working on all the elements of the package.
The Eurogroup in an inclusive format will continue its work on the euro are budgetary instrument, which will eventually be integrated into the long-term EU budget. We aim for an agreement on this budget by the end of the year. The leaders also expect a revised ESM Treaty to be finalised by the end of 2019.
Euro Summit President Donald Tusk