Herman Van Rompuy, President of the European Council, in close collaboration with José Manuel Barroso (President of the European Commission), Jean-Claude Juncker (President of the Eurogroup), and Mario Draghi (President of the European Central Bank) has released a report titled "Towards a Genuine Economic and Monetary Union" (Report). At the June 2012 European Council, the President of the European Council was invited “to develop, in close collaboration with the President of the Commission, the President of the Eurogroup and the President of the ECB, a specific and time-bound road map for the achievement of a genuine Economic and Monetary Union". Building on the Interim Report and the Conclusions of the October 2012 European Council, this Report provides the background to the roadmap presented at the December 2012 European Council. It suggests a timeframe and a stage-based process towards the completion of the Economic and Monetary Union (EMU) covering all the essential building blocks identified in the report “Towards a genuine Economic and Monetary Union” presented at the June European Council. 

The Report incorporates valuable input provided by the Commission in its communication "A Blueprint for a deep and genuine EMU – Launching a European Debate" of 28 November 2012. As requested by the European Council, this report explores further mechanisms in the context of an integrated budgetary framework, including an appropriate fiscal capacity for the EMU, as well as the idea of euro area Member States entering into arrangements of a contractual nature with the EU institutions on the reforms they commit to undertake and their implementation.