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Deepening Europe's #EconomicAndMonetaryUnion - Commission takes stock of progress

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Ahead of the Euro Summit on 21 June, the European Commission is taking stock of the progress made to deepen Europe's Economic and Monetary Union since the Five Presidents' Report and calls on member states to take further concrete steps.

President Jean-Claude Juncker said: “This Commission has fought hard for the completion of the Economic and Monetary Union: a lot has been achieved but a lot remains to be done. This is about creating jobs, growth and social fairness for our citizens. It is about preserving the stability and resilience of our economies and it is about Europe's capacity to take its future into its own hands."

The Commission also takes stock of the ongoing work towards developing the international use of the euro, having consulted market participants in different sectors. Finally, in its fourth progress report on the reduction of non-performing loans (NPLs), the Commission today confirms that NPL levels are continuing their downward trajectory towards pre-crisis levels. The ratio of NPLs in EU banks has come down by more than half since 2014, declining to 3.3% in the third quarter of 2018 and down by 1.2 percentage points year-on-year.

A press release on deepening Europe's Economic and Monetary Union is available here. A press release on the fourth progress report on the reduction of non-performing loans (NPLs) is available here. A number of factsheets on the package are available here.

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