Brussels European Council with the participation of José Manuel Barroso (2nd day)
José Manuel Barroso, President of the EC, and the Heads of State or Government of the EU met in Brussels for the European Council hosted by Herman van Rompuy, President of the European Council. During the final joint press conference José Manuel Barroso stressed that the Compact for Growth and Jobs agreed in June 2012 had not to stay only on paper. When asking the EU citizens to make major sacrifices, it was necessary to provide them with hope, a realistic prospect of growth and assurance for the most vulnerable. This Growth Compact, an important investment package worth €120 billion, was not yet fully implemented. The President then gave concrete examples of areas where the implementation had to be sped up in such as tax on savings, energy taxation, public procurement reform or boost for venture capital. He then stressed that the financial sector also had to make a fair contribution to the recovery. The EC would take the following week the first step towards launching enhanced cooperation on a Financial Transactions Tax (FTT) and would present an action plan on tax fraud and tax evasion before the end of the year 2012.