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EU NewsBrief: New EU Economic and Monetary Union Plan Unveiled

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WASHINGTON, June 26, 2012 /PRNewswire-USNewswire/ -- Ahead of European Union leaders meeting in Brussels this week (June 28-29), the EU institutions today presented a proposal which outlines a blueprint for a single European banking supervision, a common deposit insurance and resolution framework, and further budgetary and economic integration among EU Member States.

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The report, drawn up by European Council President Herman Van Rompuy, European Commission President Jose Manuel Barroso , Eurogroup President Jean-Claude Juncker and European Central Bank President Mario Draghi , proposes to move over the next decade towards a stronger Economic and Monetary Union architecture.

President Barroso noted the report "builds on the bold efforts towards greater stability, coordination and growth that the European Union has taken since the start of the crisis ... It is a concrete demonstration of our unwavering commitment to the single currency and to the European project."

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SOURCE Delegation of the European Union to the United States