EU Heads of State or Government met in Brussels on 23 and 24 June 2011 for a European Council devoted to economic matters, migration, the EU's Southern Neighbourhood and Croatia's accession to the EU.
The European Council welcomed the near completion of the implementation of the comprehensive package of measures to put Europe back on the path towards sustainable and job-creating growth and strengthen economic governance. It welcomed in particular the agreement reached on the future European Stability Mechanism (ESM) and the amended European Financial Stability Facility (EFSF) as well as the substantial progress made on the legislative proposals on economic governance. It concluded the first European semester by collectively assessing Member States' programmes on the basis of the Commission's evaluation and by endorsing the country-specific recommendations to be taken into account in upcoming national decisions on budgets and structural reforms. In this context it noted the pledge of Member States taking part in the Euro Plus Pact to enhance the ambition and precision of their commitments in 2012's exercise.
Regarding Greece, the euro area Heads of State or Government agreed on a way forward and called on their Finance Ministers to complete work to allow the necessary decisions to be taken by early July.
During the second day of the summit, they nominated Mario Draghi as the future President of the European Central Bank. They also assessed implementation of migration policies and discussed developments in the southern Mediterranean, focusing on Libya, Syria and the Middle East peace process.
The European Council also paved the way for Croatia's accession to the EU as the 28th Member State. The Council should conclude the accession negotiations before the end of June and the Accession Treaty could be signed before the end of 2011.