Recommendation for a COUNCIL RECOMMENDATION on the economic policy of the euro area
Date: 2023-11-21
Institutions: Directorate-General for Economic and Financial Affairs, European Commission
Subjects: economic growth, economic reform, energy crisis, euro area, fiscal policy, investment promotion, macroeconomics, stability pact, structural adjustment, sustainable development

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   EUROPEAN COMMISSION  Strasbourg, 21.11.2023  COM(2023) 903 final  Recommendation for a COUNCIL RECOMMENDATION on the economic policy of the euro area {SWD(2023) 903 final}  
 
Recommendation for a 

COUNCIL RECOMMENDATION 

on the economic policy of the euro area 

THE COUNCIL OF THE EUROPEAN UNION, 

Having  regard  to  the  Treaty  on  the  Functioning  of  the  European  Union,  and  in  particular 
Article 136 in conjunction with Article 121(2) thereof, 

Having regard to Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of 
the  surveillance  of  budgetary  positions  and  the  surveillance  and  coordination  of  economic 
policies1, and in particular Article 5(2) thereof, 

Having  regard  to  Regulation  (EU)  No  1176/2011  of  the  European  Parliament  and  of  the 
Council  of  16  November  2011  on  the  prevention  and  correction  of  macroeconomic 
imbalances2, and in particular Article 6(1) thereof,  

Having regard to the recommendation of the European Commission, 

Having regard to the conclusions of the European Council, 

Having regard to the opinion of the Economic and Financial Committee, 

Having regard to the opinion of the Economic Policy Committee, 

Whereas:  

(1) 

The  euro  area  economy  has  shown  resilience  in  the  face  of  the  major  economic 
shocks  of  recent  years,  but  it  has  recently  lost  momentum.  After  the  sizeable 
recovery in 2021 and 2022, growth in the euro area is expected to slow down to 0.6% 
in 2023. High and still fast increasing consumer prices for most goods and services 
have been taking a heavy toll, despite declining energy prices, and external demand 
is not providing strong support. Meanwhile, the response of monetary policy to high 
inflation  is  working  its  way  through  the  economy.  On  the  positive  side,  the  labour 
market remains strong, with the unemployment rate at a record low, with differences 
across Member States and regions, and participation and employment rates at record 
high, though signs of cooling are emerging. In 2024, a gradual recovery in growth is 
expected,  by  1.2%,  on  the  back  of  continued  expansion  of  employment  and  rising 
real  wages,  while  disinflation  continues.  The  outlook  remains  surrounded  by  high 
uncertainty  and risks, primarily related to the evolution of  Russia’s ongoing war of 
aggression against Ukraine and the situation in the Middle East following the brutal 
terrorist attacks on Israel by Hamas, which may impact energy markets. Furthermore, 
the impact of policies to fight against inflation and their possible effects on economic 
activity  add  to  the  risks  surrounding  the  outlook.  Structural  changes  linked  in 
particular to the intensifying impact of climate change, as illustrated by the extreme 
weather  conditions  and  unprecedented  wildfires  and  floods  in  the  summer,  also 
weigh on the outlook.  

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2 

OJ L 209, 2.8.1997, p. 1, ELI: http://data.europa.eu/eli/reg/1997/1466/oj. 
OJ L 306, 23.11.2011, p. 25, ELI: http://data.europa.eu/eli/reg/2011/1176/oj 

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(2) 

(3) 

(4) 

Following the peak that occurred in October 2022, headline inflation in the euro area 
has  eased,  mainly  driven  by  declining  energy  prices,  but  also  by  a  gradual  broad-
based  moderation  in  the  other  components.  Yet,  food  and  services  inflation  remain  
high, especially for the most vulnerable, and inflationary pressure remain substantial 
in a number of Member States. Inflation is set to decline to 5.6% in 2023 and further 
down to 3.2% in 2024, thus remaining above the ECB’s 2% target. The disinflation 
process  is  aided  by  the  ECB’s  fastest  and  largest  interest  rate  increase  since  the 
creation of the monetary union. Sovereign yields in the euro area have increased but 
spreads  have  remained  relatively  stable.  The  ECB  has  repeatedly  expressed  its 
commitment  to  keep  interest  rates  high  for  as  long  as  necessary  to  bring  inflation 
down  to  target  and  clarified  that  the  future  monetary  policy  path  will  continue  to 
follow a data-dependent approach.  

The energy price shock has dented cost competitiveness in the euro area, in particular 
for  the  more  energy-intensive  Member  States  and  industries.  So  far,  the  negative 
impact  of  higher  costs  has  been  mitigated  by  exchange  rate  movements  and  by 
temporary  measures  taken  by  governments  to  support  businesses  and  vulnerable 
households.  However,  the  high  cost  of  energy,  together  with  differences  in  energy 
intensity  of  Member  States’  economies  and  in  their  energy  sourcing,  have 
contributed to large inflation differentials within the euro area. Despite the decrease 
in  energy  prices  in  2023,  these  differentials  have  only  partly  subsided  so  far. 
Together with the dispersion in wages growth over the past two years, durable price 
differentials  could  result  in  durable  competitiveness  gaps  across  euro  area  Member 
States  and  contribute  to  macroeconomic  imbalances  that  could  undermine  the 
functioning of the euro area. In the medium-term, the ability of the euro area and of 
Member  States  to  strengthen  productivity  relies,  in  part,  on  the  capacity  to  sustain 
innovation and investment. In that respect, prospects of energy prices and costs that 
could  be  permanently  higher  than  those  of  trading  partners,  a  persistent  gap  in 
productivity  growth  compared 
to  peers,  and  rising  risks  of  geoeconomic 
fragmentation would put the euro area economies at a disadvantage.  

The  current  macroeconomic  environment  characterised  by  persisting  uncertainty, 
high  inflation,  and  compromised  competitiveness  of  the  euro  area,  calls  for  an 
ambitious  policy  agenda.  In  the  short-term,  ensuring  the  return  of  inflation  to  the 
ECB’s  2%  target  remains  a  priority.  In  addition,  persistent  difference  in  inflation 
rates  between  Member  States  could  translate  into  competitiveness  divergences. 
Fiscal  policy  should  contribute  to  disinflation,  being  differentiated  according  to 
country-specific levels of debt and inflation. Real income decreased in 2022, calling 
for wage developments to mitigate the loss in purchasing power, in particular for low 
earners.  At  the  same  time,  second-round  effects  on  inflation  and  competitiveness 
should  be  closely  monitored  by  public  authorities  and  taken  into  account  in  wage 
formation.  In  addition,  limiting  risks  to  macro-financial  stability  and  the  macro-
economic impact of tighter financial conditions remains crucial. Going forward, the 
euro  area  must  continue  fostering  inclusive  growth  and  preserve  its  global 
competitiveness,  while  avoiding  divergences  across  the  euro  area.  In  this  respect, 
reform and investments, including to foster the green and digital transition and  the 
euro  area’s  resilience,  are  instrumental.  The  timely  and  effective  involvement  of 
social  partners,  and  strong  social  dialogue  are  key  to  support  policy  design  and  a 
broad ownership that fosters implementation. 

(5) 

After a sizeable crisis-related expansion in 2020 to 2022, the fiscal stance in the euro 
area is expected to be restrictive in 2023 and 2024, which is consistent with the need 

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to  reduce public deficit and debt  and to  avoid  fuelling  inflationary pressures, while 
remaining  agile  in  view  of  the  high  uncertainty.  Between  2020  and  2022,  the 
expansionary euro area fiscal stance, amounting to around 4% of GDP, supported the 
economy  in  the  face  of  the  COVID-19  crisis  and  the  energy  price  boom  following 
the Russian aggression of Ukraine. In 2023 and 2024, the aggregate fiscal stance is 
expected to turn contractionary, by ½% of GDP in both years, primarily due to the 
near complete phase out of crisis-related energy measures. The contractionary fiscal 
stance expected in 2023 and 2024 will contribute to restoring fiscal buffers over time 
and  thus  to  improving  the  sustainability  of  public  debt  in  some  Member  States. 
While ensuring compliance with the limits to net expenditure growth recommended 
by  the  Council,  it  is  also  important  that  the  fiscal  stance  is  modulated  so  to  avoid 
lasting  divergences  in  inflation.  Besides  the  need  to  maintain  a  prudent  fiscal 
strategy, public investment needs to be maintained and, where needed increased, to 
support  long-term  growth  and  the  green  and  digital  transition.  In  2023  and  2024, 
public  investment  is  expected  to  further  expand  in  most  Member  States,  with 
continuing  support  of  the  RRF  and  other  EU  funds.  Public  finances  also  face 
pressure  arising  from  high  costs  related  to  ageing,  defence,  as  well  as  the  less 
favourable 
specific 
recommendations, a number of euro area Member States were recommended to take 
measures to improve the sustainability of their pension and healthcare systems and to 
adopt  tax  reforms.  Conducting  spending  reviews  as  a  regular  part  of  (multi)annual 
budgetary  process  would  help  improve  the  efficiency  and  quality  of  public 
expenditures.  Such  reviews  need  to  have  a  clear  scope,  mandate  and  methodology 
and their outcomes should be communicated clearly to the public.  

interest-growth  differential.  As  part  of 

the  country 

(6) 

(7) 

The  aggregate  debt-to-GDP  ratio  of  the  euro  area  is  expected  to  decline  by  a 
cumulated 2.8  percentage points  over 2023-2024, reaching  89.7 % of GDP by end-
2024.  The  decline  is  mainly  driven  by  nominal  GDP  growth  which  outpaces  the 
average  interest  rate  paid  on  outstanding  debt.  However,  debt  remains  elevated  in 
several  Member  States  and  the  higher  interest  rates  will  gradually  feed  into  the 
higher debt servicing costs, putting a strain on debt dynamics in the medium term to 
a varying extent depending on the level of debt, its maturity structure and the share 
of inflation-linked bonds. The Commission’s proposal for a reform of the Economic 
Governance  Framework3  aims  to  promote  realistic,  sustained  and  gradual  fiscal 
adjustments  guided  by  country-specific  medium-term  plans  and  to  enhance 
sustainable growth by incentivising relevant reforms and investments. The Council is 
resolved  to  conclude  the  work  on  the  economic  governance  framework  in  2023. 
Rapidly reaching an agreement on the revised legal framework will create clarity and 
predictability  for  fiscal  policy  going  forward,  promoting  debt  sustainability  and 
economic growth at the same time.  

The cost of emergency support measures taken to mitigate the economic and social 
impact  of  the  rise  in  energy  prices  increased  in  2023  in  spite  of  the  fall  in  energy 
prices from their 2022 peak. The Commission estimates that the  net budgetary cost 
of such measures  amounts  to  1.0% of  euro  area  GDP in  2023,  down  from  1.3% in 
2022.  In  spite  of  previous  policy  advice  and  Member  States’  commitments  to 
improve  the  quality  of  such  support  measures,  almost  half  of  the  related  budgetary 
cost  in  2023  has  gone  towards  price  measures  that  are  not  targeted  to  vulnerable 
people and companies. Most of the measures are now expected to be phased out over 

3 

COM(2023) 240 final, COM(2023) 241 final and COM(2023) 242 final. 

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the course of  2024, in  line with  the expected stabilisation  in energy prices;  if these 
plans materialise there will be a residual budgetary cost of around  0.2% of GDP in 
2024 for the euro area as a whole.  However, should  energy price increase again  to 
levels  that  would  necessitate  new  or  continued  support  measures,  these  measures 
should be targeted at protecting vulnerable households and firms, fiscally affordable 
and preserve incentives for energy savings. More generally, and beyond crisis-related 
energy  measures,  stronger  use  of  environmental  taxation,  in  line  with  the  polluter 
pays  principle,  together  with  phasing  out  of  fossil  fuel  subsidies  and  other 
environmentally  harmful  subsidies  could  contribute  to  increase  the  fiscal  space  for 
euro area Member States. 

Sustaining a sufficiently high level of high-quality public investment can help boost 
potential growth and support the green and digital transitions . In this respect, a full 
implementation  of  the  reforms  and  investments  under  the  Recovery  and  Resilience 
Facility (RRF) and of the cohesion policy funds is a priority. The implementation of 
national recovery and resilience plans is well under way, but progress varies across 
Member  States  and  implementation  needs  to  be  stepped  up  in  some  instances  to 
bridge accumulated delays. As of  mid-November, the Commission  has  received 34 
payment requests from 19 euro area Member States and disbursed a total amount of 
EUR 162.1 billion in grants and loans. This breaks down in EUR 51.6 billion paid in 
pre-financing  and  EUR  110.5  billion  disbursed  after  milestones  and  targets  were 
reached. The pace of disbursement in 2023 has been somewhat lower than expected, 
partly because Member States are focussing on revising their recovery and resilience 
plans due to changes in the grant allocation, new loan requests and the introduction 
of REPowerEU chapters4. Since the beginning of the COVID-19 pandemic, cohesion 
policy, under the European Regional Development Fund, Cohesion Fund, European 
Social Fund and the Youth Employment Initiative, has disbursed close to EUR 120 
billion to euro area Member States. In the context of the Cohesion Policy mid-term 
review,  Member  States  will  have  the  opportunity  to  review  Cohesion  policy 
programmes and allocate funds to address pressing needs and emerging  challenges. 
The 2024 European Semester cycle will provide orientations for the mid-term review 
and  help  direct  additional  funding  in  light  of  the  socio-economic  context  and 
challenges in the Member States and the regions, while promoting complementarity 
with the Recovery and Resilience Facility and other EU funds. 

Promoting private investment, innovation and skill development is key to enhancing 
productivity and strengthening the euro area competitiveness, in particular in support 
of  the  green  and  digital  transitions.  Removing  barriers  to  investment,  including 
through  reforms  that  streamline  and  digitalise  planning,  permitting  and  other 
administrative procedures would help boost private investment. Industrial policy can 
also  contribute  by  supporting  investment,  safeguarding  competitiveness,  and 
avoiding risks linked to excessive reliance on a limited number of third countries for 
key  technologies,  raw  materials  and  industrial  inputs.  As  part  of  its  Green  Deal 
Industrial  Plan,  the  European  Commission  has  put  forward  several  initiatives  to 
strengthen  strategic  sectors,  including  the  Net-Zero  Industry  Act5,  the  Critical  Raw 

(8) 

(9) 

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Regulation  (EU)  2021/241  of  the  European  Parliament  and  of  the  Council  of  12  February  2021 
establishing 
(OJ  L  57,  18.2.2021,  p.  17),  ELI: 
http://data.europa.eu/eli/reg/2021/241/oj 
COM(2023) 161 final 

the  Recovery  and  Resilience  Facility 

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Material  Act6  and  the  Strategic  Technologies  for  Europe  Platform  (STEP)7.  The 
Innovation Fund and the Modernisation Fund also provide financial support for the 
necessary  transition  in  the  private  sector.  In  addition,  through  the  adoption  of  the 
Temporary  Crisis  and  Transition  Framework8,  the  European  Commission  has 
enabled Member States to use the flexibility foreseen under State aid rules to support 
measures  in  sectors  which  are  key  for  the  transition  to  a  climate  neutral  economy. 
While euro area Member States have taken measures to support sectors most exposed 
to the energy crisis and to support the green transition, such measures are generally 
decided at country level, entailing a risk of distortion of the level playing field in the 
Single Market. STEP is  a first step towards addressing the heightened need for EU 
public  investments  in  such  critical  technologies,  to  leverage  much  greater  private 
investments  and  can  help  safeguard  cohesion  and  the  Single  Market.  It  is  also  an 
important element for testing the feasibility and preparation of new interventions as a 
step towards a European Sovereignty Fund. Strong capital markets are crucial for an 
inclusive,  competitive,  and  resilient  euro  area  economy.  A  deeper  Capital  Markets 
Union  would  help  mobilise  the  required  private  financing  for  the  green  and  digital 
transitions,  reduce  fragmentation  and  improve  access  to  finance.  In  February  2023, 
the European Council called on the Council of the EU and the European Parliament 
to  speed  up  the  implementation  of  the  Capital  Markets  Union  Action  Plan  by 
advancing and finalising work on the legislative proposals in this area. In May 2023 
the Eurogroup has set the aim to reach an agreement by March 2024 on areas that the 
European Commission should consider to further deepen the Capital Markets Union. 
As part of the work on the Economic and Monetary Union, the Commission tabled a 
proposal in 2023 on a legal framework for a digital euro. A digital euro, which would 
complement  euro  cash,  would  support  the  digitalisation  of  the  economy  as  well  as 
innovation  in  retail  payments  while  reducing  payments  fragmentation  across  the 
Union. If issued, the digital euro would introduce a new possibility for using risk-free 
central  bank  money  in  European  payment  services.  It  would  also  facilitate  cross-
border payments and contribute to strengthening the international role of the euro as 
well as Europe’s open strategic autonomy. 

Despite  a  decelerating  growth  impetus,  the  labour  market  remains  resilient. 
Employment  continued  to  grow  in  2023,  together  with  working  hours,  against  the 
backdrop  of  labour  and  skill  shortages  as  well  as  an  increased  tendency  of  labour 
hoarding  by  companies.  Although  the  overall  good  performance  has  been  broad-
based  across  Member  States,  some  groups  continue  to  be  under-represented  in  the 
labour market  (women,  youth,  low-skilled, persons  with  disabilities).  Active labour 
market policies (together with the provision of quality and affordable early childhood 
education  and  care)  play  a  key  role  in  boosting  participation  and  supporting  skills 
provisions  and  acquisition,  with  a  positive  impact  on  potential  output  growth  and 
competitiveness  in  the  long-term.  Complementing  the  harnessing  of  talents  within 
the  Union,  managed  legal  migration  from  third  countries,  ensuring  the  respect  and 
enforcement of labour and social rights, can help address skills and labour shortages. 
Euro  area  Member  States  issued  664 000  first  work  permits  to  third  countries 
nationals for employment purposes in 2022, a number that has almost tripled  in the 
10 years.  

(10) 

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COM(2023) 160 final 
COM(2023) 335 final 
OJ C 101, 17.3.2023, p. 3–46, 

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(11) 

(12) 

(13) 

(14) 

Nominal wages increased in 2022  (+4.8%) and during the first months of 2023, on 
the back of high inflation and tight labour markets. While this has partially mitigated 
losses  in  purchasing  power, nominal  wage growth  has  not  kept  up with inflation (-
3.7% for real wages in 2022). Nominal wage growth is likely to be strong over 2023 
and  2024,  while  real  wages  are  set  to  increase  moderately,  strengthening  domestic 
demand. At the same time, the expected growth in wages may affect prices of goods 
with a strong domestic labour component, such as services, although the impact on 
prices could be cushioned if past increases in unit profits are unwound. Higher wages 
could also affect competitiveness and durable divergences across the euro area may, 
among  other  factors,  lead  to  macroeconomic  imbalances.  Wage  agreements  should 
therefore  appropriately  reflect  euro  area  developments  in  addition  to  with  national 
dynamics.  

The rise in the cost of living, mainly related to the energy crisis and the associated 
worsening in the terms of trade, has had a negative impact on real income as well as 
significant  social  implications.  In  2022,  prices  grew  by  17.5%  for  housing,  water, 
electricity, gas and other fuels, by 10.5% for food and non-alcoholic beverages and 
by  11.2%  for  transport.  Low-income  households  suffered  from  particularly  large 
cost-of-living adjustments. Over half of euro area Member States witnessed increases 
in  material  and social  deprivation as well as in  energy poverty, in  spite of nominal 
wage developments and support mechanisms. In several Member States, increases in 
the cost of living disproportionately affected older people and people living in rural 
areas. 

The euro  area banking  sector has  proven to  be resilient despite  various episodes of 
heightened market turmoil. The euro area banking sector is now well capitalised and 
profitable, as confirmed by the EU-wide 2023 stress tests performed by the European 
Banking  Authority.  Alongside  monetary  and  lending  standards  tightening,  credit 
flows  to  the  private  sector  are  slowing  down  markedly.  Going  forward,  a  sharp 
deterioration in the macroeconomic outlook, together with interest rates staying high 
for an extended period of time, may translate into weaker asset quality. At the same 
time,  the  non-bank  financial  intermediation  sector  may  be  confronted  with 
vulnerabilities.  In  a  context  of  tighter  financing  conditions,  monitoring  risks  in  a 
timely  manner,  proactively  engaging  with  debtors  and  actively  managing 
non-performing  loans  will  be  important  to  maintain  the  financial  sector’s  ability  to 
finance  the  economy.  Other  risks  to  financial  markets  may  emerge.  In  particular, 
higher  risk  premia  amid  tightening  liquidity  conditions  may  lead  to  a  stronger  and 
potentially  disorderly  correction  in  asset  prices.  The  ongoing  adjustment  in  the 
residential  and  commercial  real  estate  markets  also  needs  to  be  closely  monitored. 
Rising mortgage rates and worsening debt-servicing capacity may lead to substantial 
corrections in house prices and could spur financial instability.  

The Euro Summit statement of March 2023 reiterated the commitments of euro area 
Leaders to complete the Banking Union. In particular, the ratification of the revised 
European Stability Mechanism Treaty, allowing for the introduction of the common 
backstop  to  the  Single  Resolution  Fund  would  further  strengthen  the  euro  area’s 
resilience.  Against  this  background,  in  April  2023,  the  Commission  has  tabled  a 
proposal  on  the  reform  of  the  bank  crisis  management  and  deposit  insurance 
framework,  with  the  aim  of  enabling  authorities  to  organise  an  orderly  market  exit 
for failing banks of any size and business models, including smaller players.  

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RECOMMENDS  that  euro  area  Member  States  take  action,  individually,  including  through 
the  implementation  of  their  Recovery  and  Resilience  Plans,  and  collectively  within  the 
Eurogroup, in the period 2024 –2025 to: 

1. 

2. 

3. 

4. 

Adopt  coordinated  and  prudent  fiscal  policies  to  keep  debt  at  prudent  levels  or  put 
debt ratios on a plausibly downward path. Achieve an overall restrictive fiscal stance 
in  the  euro  area  and  thus  facilitate  the  timely  return  of  inflation  to  the  2%  target, 
while  remaining  agile  in  view  of  the  high  uncertainty.  Wind  down  crisis-related 
energy support measures as soon as possible and use the resulting savings to reduce 
deficits. While ensuring compliance with the expenditure maxima recommended by 
the  Council,  modulate  the  fiscal  stance  to  avoid  lasting  divergences  in  inflation.  In 
the medium term, develop fiscal strategies to achieve a prudent medium-term fiscal 
position  and  strengthen  debt  sustainability  where  necessary,  through  gradual  and 
sustainable  consolidation,  combined  with  high-quality  public  investments  and 
reforms.  Where needed,  include in  these strategies measures to  further increase the 
efficiency  and  quality  of  public  expenditures  and  to  improve  the  sustainability  and 
adequacy of the pension and healthcare systems.  

Sustain a high level of public investment, to support the green and digital transition, 
strengthen  productivity  and  resilience.  Accelerate  the  implementation  of  the 
Recovery and Resilience Plans, including their REPowerEU chapters. Make full use 
of  cohesion  policy  programmes  and  ensure  that  their  mid-term  review  takes  into 
account,  among  others,  the  challenges  identified  in  the  European  Semester  and  the 
progress  in  implementing  the  European  Pillar  of  Social  Rights,  without  reducing 
their overall ambition. 

In  accordance  with  national  practices  and  respecting  the  role  of  social  partners, 
support  wage  developments  that  mitigate  purchasing  power  losses,  especially  for 
low-income  earners,  taking  due  account  of  competitiveness  dynamics  and  avoiding 
lasting divergences within the euro area. Promote upskilling and reskilling as well as 
active  labour  market  policies  to  address  labour  and  skill  shortages  and  increase 
productivity. Take measures to facilitate managed legal migration of third countries 
workers in shortage occupations, in full complementarity to harnessing talents from 
within the EU. Safeguard and strengthen adequate and sustainable social protection 
and  inclusion  systems.  Ensure  the  effective  involvement  of  social  partners  in 
policymaking and strengthen social dialogue.  

Remove  investment  obstacles  to  reduce  the  prevailing  gap  in  investment  for  the 
green and digital transitions.  Improve access to finance, in particular for innovative 
companies and SMEs, through further progress towards the Capital Markets Union. 
Ensure that public support to relevant strategic sectors is targeted, with no distortions 
of the level playing field in the Single Market and with a view to enhancing the euro 
area  competitiveness  and  open  strategic  autonomy.  Continue  strengthening  the 
international  role  of  the  euro  and  make  further  progress  in  the  work  on  the  digital 
euro. 

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5. 

Monitor risks linked to tighter financial conditions, in particular those related to the 
asset  quality  and  to  potential  corrections  in  asset  prices,  including  in  real  estate 
markets.  Monitor  developments in  the non-bank financial intermediation  to  prevent 
the build-up of systemic risk and negative spillovers to the economy. Complete the 
Banking  Union  by  continuing  to  work  on  all  elements,  including  on  a  European 
Deposit Insurance Scheme.  

Done at Strasbourg, 

For the Council 
The President 

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