Euro Summit, 16 December 2021

Main results

The Euro Summit was held in inclusive format with all EU 27 leaders, focusing on economic recovery and progress in achieving the Economic and Monetary Union.

In a statement, EU leaders acknowledged that the strong, swift and coordinated economic policy response of the EU and its member states has been delivering a robust recovery from the COVID-19 crisis. They further stated that they remain determined and agile in their response.

• Statement of the Euro Summit, 16 December 2021

Economic outlook

EU leaders took note of the letter sent by the President of the Eurogroup on 10 December 2021, and of the Eurogroup statement on the draft budgetary plans for 2022. They stressed the importance of continued close coordination of euro area fiscal policies to establish a sustainable and inclusive recovery.

• Letter of the President of the Eurogroup, Paschal Donohoe, to the President of the Euro Summit, Charles Michel ahead of the Euro Summit, 10 December 2021
• Eurogroup statement on 2022 draft budgetary plans

Banking union and capital markets union

EU leaders noted that a completed banking union and a deep, integrated and well-functioning capital markets union are key to ensure a stable financial system, to support the EU’s competitiveness and to channel the necessary financing for the green and digital transitions.

In this context, EU leaders look forward to the entry into force of the agreement amending the Treaty on the European Stability Mechanism and the introduction of the backstop to the Single Resolution Fund as early as possible.

Reiterating the political commitment to the banking union, EU leaders invited the Eurogroup, in inclusive format, to finalise a stepwise and time-bound work plan charting the way to its completion.

EU leaders also called for accelerating the deepening of the capital markets union.

• Banking union (background information)
• Capital markets union (background information)