The European Commission presented two new Communications on the Economic and Monetary Union (EMU). The Communication on the ex-ante coordination of plans for major economic policy reforms contains options on how to organise EU-level discussions on large-scale economic policy reforms in the Member States before final decisions are taken at national level. On the other hand, the Communication on a Convergence and Competitiveness Instrument (CCI) sets out options for two instruments: contractual arrangements for member states to undertake specific reforms and financial support to help member states implement these reforms.

With the aim at strengthening economic policy coordination and integration in the euro area, the European Commission presented two new Communications on the next steps towards a deep and genuine Economic and Monetary Union (EMU). The first Communication on the ex-ante coordination of plans for major economic policy reforms contains options on how to organise EU-level discussions on large-scale economic policy reforms in the member states before final decisions are taken at national level. The Commission is seeking to properly take into account any positive or negative spillovers of the reforms on other euro area countries early on in the decision-making process. It was recently reached an agreement between the Council and the European Parliament on the so-called "Two-Pack", as it is an essential step towards the EMU.

The second Communication on a Convergence and Competitiveness Instrument (CCI) sets out options for two instruments: contractual arrangements for member states to undertake specific reforms and financial support to help member states implement these reforms. These two new instruments complement the structures that already exist for the surveillance of budgetary and economic policy at EU level, which have been enhanced through the European Semester, Six Pack and Two Pack reforms.

Furthermore, the Commission announced that it will examine ways for member states that are not part of the euro area, and in particular those preparing for euro accession, to enter a contractual arrangement. The future of the EMU will be discussed again at the European Council in June, which will decide on concrete measures and a time-bound roadmap.