The House of Lords EU Financial Affairs Sub-Committee launches an inquiry into completing Europe's Economic and Monetary Union (EMU). The deadline for receipt of written submissions is Wednesday 25 November 2015.
Focus of the inquiry
The Sub-Committee intends to examine recommendations and proposals developed in the European Commission's Communication published on 21 October and put forward in the "Five Presidents' Report", Completing Europe's Economic and Monetary Union.
The proposed mechanisms seek to improve and foster greater coordination and convergence in EMU. Although a majority of the Five Presidents' Report and the Commission Communication of 21 October focuses on the euro area, both documents identify that the process of creating a deeper EMU is open to all EU Member States. The initiatives the Commission has identified will be directly and indirectly relevant to the UK. The Committee will consider:
- Improvements to the European Semester and the effectiveness of EU fiscal and macroeconomic coordination and surveillance tools
- The design of National Competitiveness Boards and an advisory European Fiscal Board and their ability to contribute to economic and fiscal convergence
- Forthcoming proposals to complete the Banking Union and future mechanisms to bolster the crisis management framework
- Possible paths for achieving fiscal union through a strengthened governance framework
- The possible strengthening of euro area external representation in the IMF with a view to understanding the future role of the euro in the global financial architecture and to identify any direct or indirect impact to the UK
- Whether the balance is right between what is required of euro area Member States and non-euro area Member States.
The Committee is inviting written evidence to be received by Wednesday 25 November and intends to take oral evidence between November 2015 and February 2016.