The economic crisis has prompted intense and sustained action by the EU's national governments, the European Central Bank and the Commission. All have been working closely together to support growth and employment, ensure financial stability, and put in place a better governance system for the future.
The main points on the agenda were:
>> Economic and Financial Affairs. Main results of the Informal ECOFIN
The Commission legislative package contains the most comprehensive
reinforcement of economic governance in the EU and the euro area since the
launch of the Economic and Monetary Union. Broader and enhanced surveillance of
fiscal policies, but also macroeconomic policies and structural reforms is
sought in the light of the shortcomings of the existing legislation. New
enforcement mechanisms are foreseen for non-compliant Member States. The
recently agreed "European semester" will integrate all revised and new
surveillance processes into a comprehensive and effective economic policy
>> Economic and Financial Affairs.
A new EU economic governance - a comprehensive Commission package of
>> Economic and Financial Affairs. MEMO/10/394 Statement by Commissioner for Economic and Monetary Affairs Olli REHN on the endorsement of the "European Semester" by the EU Council