Both the Five Presidents Report on “Completing Europe’s Economic and Monetary Union” (2015) and the recent EU Commission paper on the “Deepening of the Economic and Monetary Union” (2017) provide guidance on the way to proceed.
The Bank is presently finalising the regulatory and supervisory framework that will govern institutions offering Islamic financial services. Existing banks can opt to offer such services through a window, or alternatively, such services could be provided through a full-fledged Islamic bank. Draft guidelines will be issued to the industry for consultation early next year.