The agreement reached between the Council and the European Parliament on the so-called "Two-Pack" is an essential step towards ensuring fiscal stability in view of the 2014 budget cycle. Once these measures have been approved by the Parliament in plenary session, the European Commission stress on the need to take next steps in the short term in order to complete the Blueprint for a Deep and Genuine EMU.

Among the short-term measures proposed in 2012 within the Blueprint for a Deep and Genuine Economic and Monetary Union (EMU), the European Commission considered that a redemption fund and eurobills could be possible elements of deep and genuine EMU under certain rigorous conditions. The guiding principle would mean that risk mutualisation should be accompanied by greater fiscal discipline and integration.

The Commission will establish an expert group to analyse the requirements, risks and obstacles that would involve a partial substitution of national issuance of debt through joint issuance in the form of a redemption fund and eurobills. The group will pay particular attention to the need to ensure public finances sustainability and financial stability. This group will present its findings no later than March 2014.

The Commission will also explore additional ways in the field of the preventive part of the Stability and Growth Pact to ensure the stability of member states public finances and will present a set of proposals to complete the current framework for economic governance. It has also committed to implement urgent measures to combat fraud as well as the measures announced in the package on the 2012 employment and social policy.

The short-term steps to be taken can be easily implemented through secondary legislation. In regard to measures requiring amendments of the Treaty, the Commission will present explicit ideas for discussion before the European Parliament elections in 2014.