Even as the Brexit process progresses to stage two of negotiations, the European Commission is making clear its focus on building and reinforcing its own economic alignment. This week it announced several concrete measures to deepen Europe's Economic and Monetary Union (EMU), the architecture of which remains incomplete according to the Commission. The roadmap of actions and initiatives aim to address the remaining challenges of the EMU and are to be taken over the coming 18 months. A Commission statement said: “The overall aim is to enhance the unity, efficiency and democratic accountability of Europe's Economic and Monetary Union by 2025.”

Jean-Claude Juncker said: "After years of crises, it's now time to take Europe's future into our own hands. Today's robust economic growth encourages us to move ahead to ensure that our Economic and Monetary Union is more united, efficient and democratic, and that it works for all of our citizens. There is no better time to fix the roof than when the sun is shining."

The four main initiatives outlined by the Commission, and to be adopted next year or by mid-2019, are:

1. European Monetary Fund (EMF)

This is a proposal to establish a European Monetary Fund (EMF), anchored within the EU's legal framework and built on the well-established structure of the European Stability Mechanism (ESM). The EMF would assist Eurozone member states in financial distress and would provide the common backstop to the Single Resolution Fund and act as a last resort lender in order to facilitate the orderly resolution of distressed banks.

2. Treaty on Stability, Coordination and Governance

The proposal is to integrate the substance of the Treaty on Stability, Coordination and Governance into the EU legal framework.

3. New budgetary instruments

Proposals for new budgetary instruments for a stable euro area, with four specific functions: a) support to member states for structural reforms through a reform delivery tool and technical support at the request of member states; b) a dedicated convergence facility for member states on their way to joining the euro; c) a backstop for the Banking Union, through the EMF/ESM, to be agreed by mid-2018 and made operational by 2019; and d) a stabilisation function in order to protect investments in the event of large asymmetric shocks.

4. European Minister of Economy and Finance

Proposals for a new position of European Minister of Economy and Finance, who could serve as Vice-President of the Commission and chair the Eurogroup, as is possible under the current EU Treaties.

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CTMfile take: It seems that the EU is moving steadily on its course towards further alignment, just as the UK is set to steer in the other direction. The Commission's intentions for further economic and monetary union seem to be in line with the sentiment expressed earlier this week by the former President of the European Parliament, and German Social Democrats leader, Martin Schulz, who tweeted – in three languages – a message that made his vision for Europe clear: “We want the United States of Europe.” He later added on Twitter: “I want a new constitutional treaty to establish the United States of Europe. A Europe that is no threat to its member states, but a beneficial addition.”