euro summit statement.pdf

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1、Brussels,26October2011EUROSUMMITSTATEMENT1.Overthelastthreeyears,wehavetakenunprecedentedstepstocombattheeffectsoftheworld-widefinancialcrisis,bothintheEuropeanUnionassuchandwithintheeuroarea.Thestrategywehaveputintoplaceencompassesdeterminedeffortstoensurefiscalconsolidation,supporttocountriesind

2、ifficulty,andastrengtheningofeuroareagovernanceleadingtodeepereconomicintegrationamongusandanambitiousagendaforgrowth.Atour21Julymeetingwetookasetofmajordecisions.Theratificationbyall17MemberStatesoftheeuroareaofthemeasuresrelatedtotheEFSFsignificantlystrengthensourcapacitytoreacttothecrisis.Agree

3、mentbyallthreeinstitutionsonastronglegislativepackagewithintheEUstructuresonbettereconomicgovernancerepresentsanothermajorachievement.TheintroductionoftheEuropeanSemesterhasfundamentallychangedthewayourfiscalandeconomicpoliciesareco-ordinatedatEuropeanlevel,withco-ordinationatEUlevelnowtakingplace

4、beforenationaldecisionsaretaken.Theeurocontinuestorestonsolidfundamentals.2.Furtheractionisneededtorestoreconfidence.Thatiswhytodayweagreeonacomprehensivesetofadditionalmeasuresreflectingourstrongdeterminationtodowhateverisrequiredtoovercomethepresentdifficultiesandtakethenecessarystepsforthecompl

5、etionofoureconomicandmonetaryunion.WefullysupporttheECBinitsactiontomaintainpricestabilityintheeuroarea.Sustainablepublicfinancesandstructuralreformsforgrowth3.TheEuropeanUnionmustimproveitsgrowthandemploymentoutlook,asoutlinedinthegrowthagendaagreedbytheEuropeanCouncilon23October2011.Wereiterateo

6、urfullcommitmenttoimplementthecountryspecificrecommendationsmadeunderthefirstEuropeanSemesterandonfocusingpublicspendingongrowthareas.1EN4.AllMemberStatesoftheeuroareaarefullydeterminedtocontinuetheirpolicyoffiscalconsolidationandstructuralreforms.AparticulareffortwillberequiredofthoseMemberStates

7、whoareexperiencingtensionsinsovereigndebtmarkets.5.WewelcometheimportantstepstakenbySpaintoreduceitsbudgetdeficit,restructureitsbankingsectorandreformproductandlabourmarkets,aswellastheadoptionofaconstitutionalba