© European Union, 2011

At their summit on 3 and 4 November in Cannes, France, the leaders of twenty major advanced and emerging economies welcomed the eurozone's comprehensive plan to ensure financial stability, calling for its rapid implementation.

"At the EU and eurozone level, we are committed to an accelerated implementation of the decisions taken by the Eurozone summit at the end of October, which have been welcomed by the G20 leaders," said European Council President Herman Van Rompuy, who, together with European Commission President José Manuel Barroso, represented the European Union.

The G20 summit hailed "the euro area's determination to bring its full resources and entire institutional capacity to bear in restoring confidence and financial stability, and in ensuring the proper functioning of money and financial markets".

The participants committed themselves to coordinating their actions and policies to address the...

Cannes, Palais des Festivals et des Congrès, the summit venue
© Bernard Girardin - Fotolia.com

 

European Council President Herman Van Rompuy and European Commission President José Manuel Barroso have outlined the EU's priorities for the G20 summit to be held on 3 and 4 November in Cannes, France.

"Our overall objectives for the Cannes G20 Summit should be to help restore global confidence, support sustainable growth and job creation, and maintain financial stability", said the two Presidents in a joint letter to G20 leaders.

They also referred in the letter to the steps taken within the EU to ensure the stability and growth of the euro area. "On 26 October we agreed on a comprehensive set of measures to restore confidence and address the current tensions in financial markets", they declared, promising: "We will implement these measures rigorously and in a timely manner.".

They added "Whilst we in Europe will play our...

© European Union, 2011

Speaking at the European Parliament on 27 October, President of the European Council Herman Van Rompuy explained the implications of the EU's evolving economic and financial policy structures.

Multifaceted reform of economic governance

The European Union is putting in place enhanced economic governance, which combines three kinds of pressure. Institutional pressure is exercised for instance by means of the new legislation on reinforced fiscal and macro-economic surveillance. The peer pressure that leaders put on each other is much more intense than it was ten years ago. Additional pressure is created by the markets reacting instantaneously to the latest decisions. "These three types of pressure to induce responsible behaviour work to reinforce each other," said Herman Van Rompuy.

Eurozone summits

A new feature of European economic policy coordination is the meeting of the heads of state and government of eurozone countries, chaired by President Van Rompuy.

"It is...

© Uniunea Europeană, 2011

Reuniunea la nivel înalt a zonei euro din 26 octombrie a convenit asupra unui set cuprinzător de măsuri în vederea abordării tensiunilor care se manifestă în prezent pe piețele financiare și a restabilirii încrederii.

"Nu dorim să repetăm unele erori comise în trecutul apropiat", a declarat Herman Van Rompuy, președintele Consiliului European, care a condus reuniunea. "Prin deciziile pe care le-am adoptat astăzi, punem bazele viitorului nostru. Toți membrii reuniunii la nivel înalt a zonei euro sunt hotărâți să urmeze această cale."

Soluția privind Grecia

Datoria publică a Greciei ar trebui redusă la un 120% din PIB până în 2020. S-a convenit cu creditorii privați asupra unei contribuții voluntare: în ceea ce privește datoria noțională a Greciei deținută de aceștia, rată nominală de actualizare va fi de 50%. Statele membre ale zonei euro vor contribui la pachetul privind implicarea sectorului privat (ISP)...

Donald Tusk, prim-ministrul polonez,
David Cameron, prim-ministrul britanic,
Angela Merkel, cancelarul federal german
© Uniunea Europeană, 2011

Șefii de stat și de guvern ai tuturor statelor membre ale UE, reuniți la 26 octombrie, și-au exprimat "hotărârea comună de a face tot posibilul pentru a depăși criza și pentru a face față, prin contribuții într-un spirit de solidaritate, provocărilor cu care se confruntă Uniunea Europeană și zona euro".

Liderii au convenit asupra unui text intitulat "Consens privind pachetul bancar ", sub rezerva acordului privind măsurile conținute de acesta și alte elemente discutate la reuniunea la nivel înalt a zonei euro care a avut loc în aceeași seară.

"Consensul vizează atât nevoile pe termen scurt, cât și cele pe termen lung ale băncilor", a afirmat Herman van Rompuy, președintele Consiliului European, la sfârșitul reuniunii. "Obiectivul general al exercițiului este de a consolida înc...

© European Union 2011

"We are determined to take all necessary measures and actions needed to ensure the stability of the euro area. Since two years, we have taken steps to overcome the crisis but the immediate economic challenges are so serious that we must do more. All leaders agree to that," declared Herman Van Rompuy, President of the European Council, after the Euro Summit in Brussels on 23 October.

The Heads of State or Government of the euro area agreed on the objectives and outlined the strategy. They will conclude at the Euro Summit on 26 October.

President Van Rompuy mentioned the five fronts that the euro area is working on in the comprehensive strategy:

- action by all governments to ensure sustainable public finances and enhance growth. It means the full respect of agreed fiscal targets and an acceleration of structural reforms. "Between now and 26 October some members of the European Council will have to convince colleagues that their country implements the...

© Rusland Olinchuk, Fotolia.com

At the European Council on 23 October, Heads of State and Government reiterated their commitment to support the democratic transformation of its Southern Neighbourhood through the European Neighbourhood Policy. The rapid launch of concrete projects within the Union for the Mediterranean can contribute to this process.

"Today's meeting coincided with the first free elections held in Tunisia: a major milestone in the Arab Spring," declared President Van Rompuy.

The European Council looks forward to the formation of a broad-based government in Libya. This North African country can now turn a page in its history and embrace a new democratic future.

"We also expressed our grave concern over the continuing brutality against the civilian population in Syria. If this repression does not come to an end, the European Union will impose further restrictive measures against the regime", continued...

© European Union

The European Council on 23 October agreed on a number of measures aimed at securing growth and job creation to help overcome the current economic crisis. EU leaders agreed that enhancing economic growth is as important in current circumstances as addressing the immediate challenges of the crisis.

"The Union must regain safe ground. Stimulating growth is essential for that. A perspective of sustained economic growth can bring back confidence, create jobs and help absorb debts. That is why the European Council focussed first on how to boost our common growth agenda," said President of the European Council Herman Van Rompuy.

Growth enhancing measures

The EU leaders decided to agree - by the end of 2012 - on 12 priority proposals that are set out in the Single Market Act. The Act is a series of measures designed to boost the European economy and create jobs.

For example, one of the Act's measures is aimed at...

Cannes, France - location of the G20 Summit
© Fotolia

The European Union can take a number of measures in its external relations that can contribute to boosting its growth potential, agreed the Heads of State and Government at the European Council on 23 October.

Renewed emphasis should be given to bilateral and regional agreements, particularly with strategic partners. The Union should foster closer economic ties with its neighbouring regions. It should develop a comprehensive investment policy and ensure bigger coherence between the external aspects of sectoral policies such as energy, transport and visas, within the overall balance of its economic interests and foreign policy objectives.

The Commission was invited to report on progress by spring 2012.

Union´s message to G20 summit in Cannes

The G20 summit in Cannes on 3-4 November should approve an ambitious action plan with specific commitments and measures by all 20...

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The European Council on 23 October noted the intention of the leaders of the euro area to reflect on further strengthening of economic convergence within this area, on improving the fiscal discipline and deepening the economic union, including the possibility of limited Treaty changes.

"It will not be a general overhaul of the institutional architecture of the EU; the changes should strengthen the economic convergence," said Herman Van Rompuy at the press conference.

The summit recalled that any Treaty change must by decided by 27 member states. The European Council will revert to this issue in December 2011 on the basis of the report by Herman Van Rompuy in close collaboration with José Manuel Barroso and Jean-Claude Juncker, President of the Eurogroup.

Herman Van Rompuy will chair the Euro Summits

The President of the Euro Summit will be designated by the Heads of State and Government of the euro area at the...