The House of Lords EU Financial Affairs Sub-Committee published its report on EMU, which broadly welcomes the proposals set out in the European Commission's report on completing Europe's Economic and Monetary Union (EMU) (the Five Presidents report). Points of interest relating to financial services include the following: (i) the Sub-Committee continues to welcome the CMU, as it did in its report on the CMU published in March 2015; however, it is concerned it will not make progress without agreement on tax and insolvency law stimulating greater cross-border investment; (ii) although the UK is not a participant in banking union, its aims are fully supported; and (iii) ambiguity over the creation of a European single supervisor (which was hinted at in the Five Presidents Report, but not mentioned in the CMU action plan) is unhelpful.