Joint statement by Spanish Minister for Economic Affairs, Industry and Competitiveness, Luis de Guindos, and French Minister for the Economy and Finance, Bruno Le Maire

The two ministers agreed that in order for the European Union to be successful, the Eurozone needs to be strong in order to ensure stability in Europe. They also underlined the role of the European Union in responding to citizen concerns over globalisation.

The French and Spanish ministers exchanged fruitful points of view with similar opinions on the Eurozone and reiterated their commitment to working together in order to take specific measures to complete the Economic and Monetary Union and increase its ability to withstand crises. France and Spain play a crucial role in this matter.

Bruno Le Maire underlined that "it is an essential priority to further integrate our Economic and Monetary Union and give a renewed boost to our common project with a fair balance between greater responsibility and more solidarity".

Despite the significant reforms implemented since the crisis, the two ministers agree that the financial architecture of the Eurozone still needs strengthening further. The priority is to complete the Banking Union. The roadmap agreed in June 2016 defines the next steps: measures to reduce risks in the banking sector, the creation of a security network for the Single Resolution Fund and the establishment of a European deposit insurance scheme. The Capital Markets Union is also an essential project.

Aside from this, the Eurozone should be based on a fair balance between reducing and sharing risk. Trust between Member States is essential for making progress on other phases of integration: the implementation of structural reforms and strengthened cooperation on economic policies must allow greater convergence, reducing the proliferation of imbalances and paving the way to more ambitious initiatives.

The two ministers agreed to step up cooperation in order to develop a common approach to closer budgetary and political integration in the Eurozone. This common approach must be focused on establishing budget capabilities for stabilisation through the appropriate application of budget rules and suitable governance.

Minister Luis De Guindos added that "the political boost and economic recovery that is now consolidating opens up a small window of opportunity to develop the resistance capacity of the Economic and Monetary Union. It is down to us not to pass up this opportunity".

The two ministers expressed their intention to maintain excellent cooperation on issues of common interest in order to preserve and strengthen the solid ties between our economies. They both wish to work with the other Member States to find a common approach to further developing the Eurozone.