Finally, due to a lack of unanimity, several contracts have been concluded between a sub-group of EU Member States. However, all these agreements are open for accession by EU Member States. The text of the Prum Convention, the Fiscal Compact and the Single Resolution Fund Agreement states that the signatories intend to integrate the provisions of the Treaty into the structures of the EU and that EU law should take precedence over the Treaty. An amendment to the TFEU has been ratified, allowing the creation of the ESM and giving it a legal basis in the EU Treaties. The first concerns common provisions. Article I establishes the European Union on the basis of the European Community and determines the legal value of the Treaties. The second article states that the EU “is based on the values of respect for human dignity, freedom, democracy, equality, the rule of law and respect for human rights, including the rights of persons belonging to minorities”. Member States share a “society in which pluralism, non-discrimination, tolerance, justice, solidarity and equality between women and men prevail”. The European Union is founded on the rule of law. This means that all EU action is based on treaties that are voluntarily and democratically endorsed by all EU Member States. For example, if a policy area is not mentioned in a Treaty, the Commission cannot propose legislation in that area. An updated EMU reform plan, published in June 2015 by the five Presidents of the Council, the European Commission, the ECB, the Eurogroup and the European Parliament, set out a roadmap for the integration of the Fiscal Compact and the Single Resolution Fund into Union law by June 2017 and the European Intergovernmental Stability Mechanism by 2025.  In December 2017, the European Commission published proposals to include the content of the Fiscal Compact in EU law and to create a European Monetary Fund to replace the ESM.  A treaty is a binding agreement between EU Member States. . . .