Presentation of the European Council's Conclusions
The Commission will monitor how the Member States have been living up to their additional commitments.
"The main purpose of this European Council was to show joint determination to tackle persisting market tensions by consolidating these achievements and reinforcing them even further. And indeed, during Thursday night an agreement was reached to create a genuine 'fiscal stability union', a new 'fiscal compact,'" outlined President Barroso today in the European Parliament.
He stressed that it is "indispensable to have more discipline, structural reforms for more investment, more convergence, and credible mechanisms of solidarity. All these elements belong together." In his speech the President also focused on the presentation of the key elements of the new fiscal compact and highlighted a number of important conclusions of the Summit which match the Commission's position held for some time.
He underlined that the Commission will monitor how the Member States have been living up to their additional commitments made in this agreement and concluded by stressing that "coherence and persistence will now be needed for the implementation of the growth agenda for the European Union. This is exactly what our citizens expect from us – Europe of responsibility, yes, but also Europe of solidarity. Europe of stability, yes, but also Europe of growth and employment."