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.
Mr Barroso said that "the Treaty is an important part in our global strategy to restore stability in European public finances."
The European Council discussed the implementation of the EU's economic strategy. This strategy pursues both continued fiscal consolidation and determined action to boost growth and jobs; sustainable growth and jobs cannot be built on deficits and excessive debt levels. The measures taken to stabilize the situation in the euro area are bearing fruit.
They welcomed the progress made on the new Greek programme, and notably the agreement reached by the Eurogroup on the policy package and the offer made to private creditors.
Twenty-five European leaders today signed the Treaty on Stability, Coordination and Governance aimed at strengthening fiscal discipline and introducing stricter surveillance within the euro area, in particular by establishing a "balanced budget rule".
Statement by President Barroso at the intermediary press conference of the European Council Press conference Brussels, 1st March 2012
The joint review by the Commission, the ECB and the IMF concluded that programme implementation by Ireland remains strong and on track, while some challenges remain.
Mr Van Rompuy mentioned that Eurozone leaders also confirm their commitment to reassess the adequacy of the overall ceiling of the EFSF/ ESM firewall by the end of the month. In addition they agreed to accelerate the payments of the pending capital for the ESM.
"We now have a new phase in economic governance and the commitment to a growth agenda. Precisely because there is now less tension regarding some issues related to the euro it was possible to focus minds on the need for structural reform for growth."
Eurogroup chief Jean-Claude Juncker told the Economic and Monetary Affairs Committee that a European Commissioner should be nominated to help return Greece to growth.
Mr Rehn states that Portugal is making steady progress to restore fiscal sustainability, ensure a gradual deleveraging of the banking sector and advance structural reforms to enhance competitiveness and boost growth and jobs.
Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) visited Lisbon during February 15-27 for the third quarterly review of Portugal’s economic programme.
Conference on the Community Method Brussels, 28 February 2012
José Manuel Durão Barroso President of the European Commission Speech by President Barroso: "Unity in difference, strength in convergence" Interparliamentary committee debate on the European Semester Brussels, 27 February 2012
José Manuel Durão Barroso President of the European Commission Speech by President Barroso: "A stronger Europe in stormy times" Matthiae Mahlzeit, Hamburger Rathaus Hamburg, 24 February 2012
invitation sent from President Barroso today to Prime Minister Papademos in view of their meeting on 29 February to discuss EU funding in support of growth and employment in Greece. The letter includes a proposed agenda for the meeting."
José Manuel Durão Barroso President of the European Commission Statement by President Barroso following his meeting with Mr Demetris Christofias, President of Cyprus Press point Brussels, 22 February 2012