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This morning I will report to the #EuroSummit on the work done by the #Eurogroup to deepen EMU. We made big progress on all files and will continue to work on the coming months to complete our mandate. 1/4 
On the Eurozone budget all key features have been agreed. The #BICC will be anchored in the EU budget, and we are discussing possible additional resources. 2/4
On the @ESM_press reform we have an agreement in principle. There are a couple of small legal issues that need clarifying and national procedures to be followed. 3/4
On Friday, the #EuroSummit will meet to take stock of where we are on #Eurozone reform. It will be another "keep the ball rolling" summit without concrete decisions. Still, it will be worth paying attention to the fineprint.
Thread:
consilium.europa.eu/en/meetings/eu…
Thread:
consilium.europa.eu/en/meetings/eu…
1/ This edition will be the first under new leadership: With Charles Michel, we have again a @eucopresident from a € member state. Will be interesting to see if he makes EMU an explicit priority of his mandate. @Lagarde and @vonderleyen will attend for the first time.
2/ The #EuroSummit will again meet in "inclusive format". That means that all heads except @BorisJohnson are invited to participate, but he won't come to the normal #EuCo either. So even member states that have no intention to join the euro still have an equal say in the debate.
The #Eurogroup has decided last night on the main features (in the form of a "term sheet") of the new #Eurozone budget aka BICC. It clarifies some parts (not exactly for the better) but kicks the can down the road on quite some important points.
Thread:
consilium.europa.eu/en/press/press…
Thread:
consilium.europa.eu/en/press/press…
1/ The BICC is supposed to support public investment and reforms in member states. What exactly falls under this will be subject to "strategic guidance". My reading here would be: As long as you bring a good reason, you will get the money.
2/ Which means that the pre-allocation of funds is key: "[It] will be determined on the basis of a transparent methodology, taking into account parameters reflecting the overarching aim of the instrument and legal basis." This is Brusselese for "We have no agreement here yet."
