Euro Summit, 25 June 2021

Main results

EU heads of state and government discussed the economic challenges for the euro area in the aftermath of the COVID-19 crisis and reviewed progress on the banking union and capital markets union with the President of the European Central Bank (ECB), Christine Lagarde, and the President of the Eurogroup, Paschal Donohoe.

Economic recovery

EU leaders expressed the importance of the strong, swift and coordinated economic policy response of the EU and its member states, which has prepared the ground for a robust, inclusive and sustainable recovery from the COVID-19 crisis.

We welcome continued close coordination of fiscal policies in the euro area, underpinned by a commitment to fiscal sustainability, with the objective of firmly establishing the recovery and preventing protracted adverse effects of the pandemic on our societies. Statement by the members of the Euro Summit

• A recovery plan for Europe (background information)

Banking union

Leaders reiterated their full commitment to the completion of the banking union and invited the Eurogroup in inclusive format to agree without delay on a stepwise and time-bound work plan.

• Banking union (background information)

Capital markets union

EU leaders underlined their political support for the capital markets union (CMU) and called for rapid implementation of the CMU action plan. They agreed that structural challenges to the integration and development of capital markets, particularly in targeted areas of corporate insolvency laws, need to be identified and addressed.

Green finance, including a green bond standard, can be a catalyst towards a fully-fledged CMU. Statement by the members of the Euro Summit

• Capital markets union (background information)

At its next meeting in December 2021, the Euro Summit will review progress on all these issues.