European Council and Euro area summit, 23 October 2011
We expect final decisions to be taken in 72 hours and I am confident these decisions are going to be taken
"We want the Union to stay very strong," said President Barroso at the press conference following the European Council, while at the same time recognising that more needs to be done in terms of "coherence and integration in the governance of the euro area". The President also sent a clear message to the European Council that "the EU can and must do much more to deliver growth." He stressed that "without growth our citizens will not be confident in their future and in the future of the economies in Europe" and outlined how "we can make the crisis an opportunity for renewal." President Barroso reiterated that "decisive action this week is essential if the EU is to continue to credibly lead the global response at the G20 in Cannes."
President Barroso announced "the agreement to disburse the European contribution to the next tranche of financial assistance to Greece." He emphasised that "an ambitious reform of the EFSF is an essential element in fighting contagion." President Barroso welcomed the good progress that was made on coordinated measures to ease bank funding and to ensure banks have significantly higher levels of capital. He remains confident that final decisions on all the elements of the comprehensive response will be taken on Wednesday.
Sources of growth [2 MB]