The subsequent stages are outlined in the report Towards a Genuine Economic and Monetary Union (presented in June 2012 and updated in December by the President of the European Council, working closely with the Presidents of the European Commission, the Eurogroup and the ECB) and in the Blueprint for a Deep and Genuine Economic and Monetary Union published by the Commission last November.
Both documents envisage a banking union, the introduction of autonomous fiscal capacity for the whole euro area, and a common budget; they set the scene for the eventual political union. The Banking Union is a keystone of institutional reform. It has three key components: a single supervisory mechanism (SSM), a single bank resolution mechanism, and a harmonized deposit insurance scheme.