The European Union (EU) on Wednesday held a first discussion on a report to complete the bloc's Economic and Monetary Union (EMU).EU's executive body, the European Commission, held a first debate on a report titled "Completing Europe's Economic and Monetary Union", which was prepared at the request of presidents of the European Commission (EC), the Euro Summit, the Eurogroup, the European Central Bank and the European Parliament (EP).

According to the news released by the commission, commissioners discussed a first road map of actions which focuses on the streamlining and better focus of the European Semester, the completion of the Banking Union and an enhanced cooperation with the European Parliament and with national Parliaments.

Valdis Dombrovskis, vice president for Euro and Social Dialogue, said: "We need to accelerate the work on deepening the EMU...We specifically intend to accelerate completion of the Banking Union and reinforce Europe's governance framework to enhance convergence and competitiveness."

The Commission is expected to consult with member states, EP, EC and other European institutions in coming weeks, and calls on all stakeholders to participate actively in shaping the completion of EMU.