In this regard, the “Four Presidents” (of the European Council, the European Commission, the Eurogroup and the ECB) have identified four pillars on which to build a genuine EMU and so a more stable and prosperous Europe.
These pillars are: a banking union with a single supervisor; a fiscal union that can effectively prevent and correct unsustainable budgets; an economic union that can guarantee sufficient competitiveness to sustain high employment; and a political union that can deeply engage euro area citizens. Progress is being made on all four pillars to build a genuine EMU.