A stabilisation function : completing Europe's Economic and Monetary Union : the Commission's contribution to the leaders' agenda

The European Commission's Communication sets out a vision of how certain budgetary functions that are essential for the euro area and the EU as a whole can be developed within the framework of the EU's public finances of today and tomorrow. In this Communication, the Commission presents some key features for the roll-out of a stabilisation function as a way of preserving investment levels in the event of large asymmetric shocks. A stabilisation function at European level would provide the possibility to activate resources rapidly to deal with large asymmetric shocks that cannot be managed at the national level alone. The stabilisation function is intended for the euro area Member States and open to all who would wish to participate.