Carrying on
Incremental progress on improving the functioning of the euro area.

     Nothing but the single market
Cooperation in the euro area is limited.

     Those who want more do more
As in “Carrying on” except for a group of countries who deepen cooperation in areas such as taxation and social standards.

     Doing less more efficiently
Several steps are taken to consolidate the euro area and ensure its stability; the EU27 does less in some parts of employment and social policy.

     Doing much more together
Economic, financial and fiscal Union is achieved as envisioned in the report of the Five Presidents of June 2015.