Presentation of the outcome of the European Council at the EP
Referring to the summit meetings of the European Council and the euro area of 23 and 26 October 2011, President Barroso explained the bold decisions taken over the last days based on the Commission's Roadmap to Stability and Growth of 12 October. "Today we have a more ambitious platform on which to build Europe's growth" he said. He outlined the details of the agreement on Greece, the leveraging of the EFSF by four or five times, the measures to restore confidence in the banking sector as well as concrete ways to boost growth. In this context he expressed satisfaction about Italy's commitment to further structural reforms, while emphasising the need to fully implement them according to a clear timetable. He also announced a Commission package of proposals for November in order to further deepen Europe's economic governance. He was pleased with the strengthened role of the Commission in monitoring and coordinating economic and budgetary policies in Europe and ensuring coherence between the euro area and the other EU members. He informed about his intention to reinforce the role of Olli Rehn as Commissioner for the euro. President Barroso repeated his call for building a true economic union to complement a monetary union including – if needed – through Treaty change, while ensuring the unity of all Member States. With a view to next week's G20 summit in Cannes, he underlined that a Europe that is determined, responsible and united will strive to lead the global crisis response. "Europe will push for an ambitious action plan of all G20 members that can address the challenges and imbalances that are still hindering growth at the global level" and concluded by stressing that he intends to present the proposal for a financial transaction tax at the G20 summit. "I believe that the protest movements we have witnessed in recent weeks, from Madrid to Manhattan, show that this is the kind of action people expect from their leaders – to ensure that the financial sector contributes to society."