During the last two and a half years, the European Union has taken important and far-reaching steps to overcome the crisis and improve the governance of the EMU. However, Europe is once again going through a period of heightened tensions. The crisis surrounding sovereign debt and the weakness of the financial sector, together with persistent low growth and macroeconomic imbalances, are slowing down economic recovery and creating risks for the stability of EMU. This is having a negative impact in terms of unemployment and may weigh down Europe’s potential to benefit from a gradual improvement of the global economic outlook.
We are therefore committed to taking resolute action to address financial market tensions, restore confidence and revive growth. We reaffirm our commitment to preserve the EMU and put it on a more solid basis for the future. Strong, smart, sustainable and inclusive growth, based on sound public finances and structural reforms to boost competitiveness, remains our key priority.
This is why today we adopted a “Compact for Growth and Jobs”, encompassing action to be taken by the Member States and the European Union with the aim of relaunching growth, investment and employment as well as making Europe more competitive. We also endorsed the country-specific recommendations to guide Member States’ policies and budgets. Finally we emphasised the role that the forthcoming Multiannual Financial Framework should play in strengthening growth and employment. [p.m. PEC report on EMU] We are determined to take the measures required to ensure a financially stable, competitive and prosperous Europe and thus enhance the welfare of citizens.
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