"We are in this together and together we will be able to overcome this crisis"
"I did not like at all […] when I saw some claiming victory over the others. This is not the way to do things in Europe. We win together or we will be defeated together; what we need is a strong European team."
European Parliament: Outcome of June European Council
"In the Commission's view we should start making the genuine Economic and Monetary Union a reality as quickly as possible."
In his speech at the European Parliament, President Barroso shared his conviction that the European Council and the Euro area summit have delivered results that should strengthen confidence in Europe's financial stability and pave the way for the future.
In particular, he outlined that both events have for the first time tackled all the elements of a comprehensive response in one and the same meeting.
He recalled that consolidation and sustainable growth go hand in hand and that it was therefore important that a Compact for Growth and Jobs was agreed, mainly based on proposals by the Commission.
He also referred to the endorsement of the Commission's country-specific recommendations and highlighted the significance of the future EU budget as "our most important instrument for targeted investment and indispensable tool for growth and jobs." He maintained that it would therefore be a "strong political and economic signal if we could reach agreement on the Multiannual Financial Framework by the end of this year."
President Barroso sketched out the need to urgently embark on the path towards a banking union, fiscal union, economic and political union and reiterated that the process must combine the necessary deepening of the Euro area with openness towards the Member States who want to join the Euro and with the safeguards for those who have an opt-out.
He finally praised the important outcomes of the European Council and Euro area summit on short-term measures to support countries under market pressure.
Results of the June 2012 European Council, 29 June
"This European Council has delivered what our citizens, our international partners and the markets have been asking for." Agreements on single banking supervisory mechanism, the compact for growth and jobs and a clear commitment to a banking union.
In his speech after the last working session President Barroso outlined three main areas of the European Council outcomes:
First, short term measures to support countries under market pressure. "We have a clear commitment to a single banking supervisory mechanism for the euro area which will then allow for the direct recapitalisation of banks by the ESM under very strict conditions."
Second, full agreement on a compact for growth and jobs that turns words into concrete action and into financing commitments. It includes boosting the lending capacity of the European Investment Bank; launching the first phase of project bonds; and redirecting some structural funds.
Finally, the President expressed his deep satisfaction with reaching a clear commitment to a banking union. He recalled that this banking union will be designed in a way that fully respects the integrity of the single market, while recognising the arrangements for countries not in the single currency. "Over the summer, the Commission will put together the legislative proposals to make this a reality." announced President Barroso.
Deepening of the Economic and Monetary union will continue. Following the report presented by the President of the European Council in close cooperation with the Presidents of the Commission, the Eurogroup and the ECB a specific and time-bound roadmap will be developed taking into account decisions taken yesterday and today.
The President's presentation "Restoring growth, investing in our future", 28-29 June 2012 [2 MB] Click on the 3 dots to access document in all languages
"EU Structural Funding for growth and jobs" - Report to the European Council, 28-29 June 2012 [5 MB] Click on the 3 dots to access document in all languages