Economic and Monetary Union of the European Union

Nicosia exits excessive imbalance process

Ten years after the outbreak of the financial crisis it suffered, with the bank bail-in, the Republic of Cyprus has finally exited the excessive imbalances procedure (EIP) of the European Commission, on the basis of the European Union documents that were issued under the spring package of the 2023 European Semester on Wednesday in Brussels.

EC: Romania has made limited progress in addressing the 2019 country-specific recommendations

Romania has made limited progress with the 2019 country-specific recommendations, taking into account that the substantial progress made in the financial and banking sectors have been counteracted by the lack of progress regarding the fiscal framework, the public pension system, the minimum inclusion income, predictability in the decision-making process and the governance of state-owned compani

EC's Vice President Dombrovskis: We are concerned with Romania losing competitiveness, current account deficit

Romania loses on the competitiveness front and we are also concerned with the country's current account deficit which might affect the convergence efforts, European Commission's Vice President in charge of Euro and Social Dialogue, Financial Stability, Financial Services and Capital Markets Union Valdis Dombrovskis told a conference on Thursday.

Bulgaria Entered a Schengen Mode for the Eurozone Too

The Cooperation and Verification Mechanism (CVM) of the European Commission proved an obstacle not only for Bulgaria's membership in Schengen but the euro area, too. The July Eurogroup discussed Bulgaria's application for membership in the common currency and changed for the first time its membership criteria, which will, from now onward, be valid for all other candidates.

Roadmap for the future of the European and Monetary Union

ECB President Mario Draghi called for a quantum leap in European and Monetary Union (EMU) integration and presented a report published by the presidents of five EU institutions. The report, titled “Completing Europe’s Economic and Monetary Union”, had been commissioned by leaders at the Euro Summit last October.