b'4. Economic Integration 4.1. Deeper Economic and Monetary Union (EMU) While the UK is not a part of the EconomicOn 25 March 2017, following the Brexit and Monetary Union, some of the legislationvote, the EU member states issued the that is bundled in the Deeper EMURome Declaration which asserted legislative package would extend to the UK.their commitmentto deepening EMU in Further, were the UK to successfully leaveBritains absence.11 On 31 May 2017, the EU the EU, and ultimately rejoin, it would have toCommission published the Reflection adopt the euro as its currency and becomePaper on the Deepening of the EMU. In the a member of EMU. In any case, as long asReflection Paper, the Deeper EMU is an the UK remains affiliated with the EU, it willextremely nebulous phrase, which reflects inevitably be affected by the Deeper EMUan aspiration to federalise and unify the EU regulations.political and economic systems rather than a concrete set of policies or clear goals.12On 22 June 2015, the presidents of the European Parliament, Commission, Council,Concrete steps that the EU had taken to Central Bank, and the Euro Group jointlydeepen the EMU before the Brexit vote published the Five Presidents Reportinclude to establish the Capital Markets which outlined a plan to federalise the EUUnion, the Banking Union, the Digital Single economy in two stages. In the first stage,Market, and the European Fiscal Board. The from 1 July 2015 to 30 June 2017, the EUlatter was established on 12 February 2016 would work to complete the Financial Unionas an independent body to provide fiscal and federalise and standardize economicdirectives and advice.13 & 14policy. The second stage would legally codify and intensify economic integration. BothFurther steps which the EU Commission stages are to be completed by 2025.10 intends to take as part of Deeper EMU189'