Herman Van Rompuy, President of the European Council, has written a report titled Towards a Genuine Economic and Monetary Union, which he prepared in close cooperation with the Presidents of the Commission, the Eurogroup and the European Central Bank. This report sets out a vision for the future of the European Economic and Monetary Union and how it can best contribute to growth, jobs and stability. The report proposes to move, over the next decade, towards a stronger EMU architecture, based on integrated frameworks for the financial sector, for budgetary matters and for economic policy. 

The report proposes a European resolution scheme to be primarily funded by contributions of banks that could provide assistance in the application of resolution measures to banks overseen by the European supervision with the aim of orderly winding-down non-viable institutions and thereby protect tax payer funds.  The  resolution fund could be set up under the control of a common resolution authority. The European Stability Mechanism could act as the fiscal backstop to the resolution.