b'include the European Deposit Insurancesociety and promote[s]peace, security and Scheme and a single European capitalsustainable development.16On 22 January markets supervisor.15Another proposal for2019, in the midst of Gilet Jaune (Yellow Deeper EMU includes a European PillarJacket) riots in France, President Macron of Social Rights, which would guarantee toand Chancellor Merkel signed the Treaty of each EU member state the right to childcare,Aachen which reaffirmed their commitment minimum income, pensions, healthcare, andto a deeper EMU.17housing. Were this pillar to be implemented, it would likely impose massive new costs onEMU now is already considerably deeper net contributorslike the UK.than it was when the UK voted to leave. Concrete steps to deepen the EMU have The drive for a deeper EMU has beenincluded completing the Banking Union, the spearheaded largely by President MacronCMU, the DMS, and the EU Fiscal Board. and Chancellor Merkel. On 19 June 2018,Additionally, the EU Commission hopes to as above, France and Germany jointlydeepen the EU even further over the coming produced the Meseberg Declaration, whichyears with proposals like the European Pillar affirmed the two powers commitments to aof Social Rights, a common asylum policy, federalised Europe which promotesan openand a common army.4.2. Financial Single Market (FSM) The Financial Single Market (FSM) is anThe EUs aspiration to deepenthe FSM has EU common market that requires theresulted in a litany of new declarations, movement of goods, capital, services andregulations, and legislation. The EU adopted people. Collectively, these constitute thethe Joint Initiative on Standardisation, which four freedoms within the EU. The FSMsets out a shared vision for European encompasses the EUs 27 member statesstandardisation,on 1 June 2017. Work on and intends to create a shared marketthe Unitary Patent System, first established economy across them.by EU regulations on 20 January 2013, began in 2019. On 22 November 2018, the For background, in October 2015, the EUEU agreed a new set of regulations for the Commission published the Single Marketmutual recognition of goods and services. Strategy, which aimed to upgrade theThe EU intends for these FSM initiatives to single market. The Single Market Strategywork alongside other initiatives like the CMU pursues a three pronged approach ofand DSM (discussed above).creating new financial opportunities, encouraging modernisation and innovation, and ensuring practical benefits. 190'