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European Union leaders meeting in Brussels yesterday and today took decisive measures to safeguard financial stability, restore confidence and revive economic growth.
Leaders agreed that the European Stability Mechanism could recapitalize banks directly as soon as a EU-wide single banking supervisor will be in place. The existing firewalls will be used in a flexible and efficient manner to stabilize markets for Member States complying with the fiscal and economic policy rules, guidelines and recommendations.
A “Compact for Growth and Jobs” will mobilize 120 billion euros for immediate investment to restart growth and help create jobs.
The European Summit also focused on an ambitious vision to strengthen and deepen the Economic and Monetary Union. European Council President Herman Van Rompuy will produce in the coming months a specific and time-bound roadmap for the achievement of a genuine Economic and Monetary Union.