On 31 May 2017 the European Commission published its Reflection Paper on deepening the Economic and Monetary Union ("EMU"). The paper is intended to stimulate the debate on the EMU and to help reach a shared vision of its future design. Important steps are needed to complete a genuine Financial Union, achieve a more integrated Economic and Fiscal Union and anchor democratic accountability into strengthened euro area institutions. The options proposed in the reflection paper are intended to help build a broad consensus on how to take on the challenges ahead and to give a fresh impetus to this important debate.