On 1 & 2 March 2012, the European Council on the EU's economic strategy took place in Brussels. On this occasion, The Heads of State and Government discussed fiscal consolidation and determined actions to boost growth and jobs. They also concluded the first phase of the European Semester, a six-month cycle of economic policy coordination. They gave guidance for the realisation of Europe 2020 strategy for growth, in particular regarding measures which already in the short term would have a positive impact on growth and employment. On the second summit day, leaders signed the new Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (TSCG), also known as the "Fiscal Compact". The aim of the Treaty is to promote budgetary discipline, further reinforce economic policy coordination and improve the governance of the euro area. The European Council also granted Serbia the EU candidate status.
Furthermore the European Council addressed international issues, such as the situation in Syria, the latest developments concerning the Arab Spring and the preparations for the G8 and G20 summits. SHOTLIST