24 May 2017 - The European Union is a constantly changing supranational entity. Within the EU, European Monetary Union is also experiencing change. The debate on the direction and modalities of these changes has been accentuated by recent phenomena: the economic and financial crisis, the social crisis, migratory pressure and terrorism.
The Union's 60th anniversary, celebrated in Rome on 25 March, was the occasion for launching a Commission White Paper on the future of its common institutions and the announcement of the subsequent publication of five studies (“reflection papers”) on specific details regarding integration. The first two documents were published on 26 April (Developing the Social Dimension of Europe) and 10 May (Harnessing Globalisation). The next is expected on 31 May and concerns the integration prospects for Economic and Monetary Union on the basis of the Report of the Five Presidents (of the European Parliament, the Commission, the Council, the Eurogroup and the European Central Bank) which was published in June 2015.
Italy already initiated a detailed reflection on these issues in February last year with the publication of the document "A Shared European Policy Strategy for Growth, Jobs and Stability".
In the context of the upcoming reflection paper on Deepening EMU on the Basis of the Five Presidents' Report, the Ministry of the Economy and Finance considers it appropriate to recall and reiterate some of the concrete proposals already launched by Italy in the European debate. That contribution, which is published here, is made up of an Executive Summary that outlines the main contents of the Italian proposals and three Annexes, respectively on:
- Economic Governance to Boost Growth
- Financing Truly European Common Goods
- The Creation of a European Unemployment Benefits Scheme.
The other reflection papers announced by the European Commission concern our common defence (The Future of Europe's Defence – 7 June) and finances (The Future of EU Finances – 28 June).