Reacting to the conclusions of the Euro Summit, S&D Group president, Udo Bullmann stated:  

 

"We call on the Eurozone leaders to progress on the completion of the Banking Union and to strengthen the European Stability Mechanism (ESM) without further delay, including by providing the backstop to the Single Resolution Fund. It is a demand we Socialists and Democrats have been fighting for for years."  

 

“We must build a strong and resilient EMU that is equipped with all necessary tools not only to tackle but also to prevent crises. We must not find ourselves unprepared for any future crisis. Nor can we accept that we only progress when pressured by the markets. The moment is now not when the next crisis explodes!" 

 

"The Franco-German Meseberg declaration is a welcome first step. We must now focus on bringing all member states on board and on delivering before the end of 2018. We must turn the Eurozone into an engine for driving the sustainable development of fair and equal societies." 

 

"To this end, it is indispensable that we foster stability and convergence through a reasonable and ambitious Eurozone budget. We therefore regret deeply that the Euro Summit conclusions lack any mention of a fiscal capacity.”

 

“At the same time, it is vital that we continue with reforms in the financial sector, by reducing and sharing risks, and that we build crisis management capacity in the form of a European Monetary Fund as part of Union law."