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Economic recovery a priority - 02/09/2011

Better economic governance, new assistance for Greece and reform of the banking sector are among the measures that need to be implemented for economic recovery and job creation.

Commission President José Manuel Barroso has called on EU leaders to act quickly on measures to stimulate economic recovery and control public spending. He also stressed the need for a new assistance programme for Greece and further reform of the banking sector.

The measures focus on:

  • better economic governance - an agreement on a package of proposals would lead to better monitoring of fiscal policies, help control public debt and improve fiscal sustainability
  • strengthening the euro area's fund to help countries in financial difficulties - governments should follow through on a 21 July agreement and pass the necessary laws, so that the fund becomes a permanent mechanism to deal with financial crises
  • Greece - work is progressing on a new assistance programme with the involvement of the private sector. A task force created in July is looking at ways to boost investment in the country using EU regional funds
  • reforming the EU's banking sector - proposals include improving oversight of financial instruments such as derivatives, tightening rules on insider trading and market manipulation, and a framework for dealing with failing banks.

President Barroso said Europe had acted decisively to recapitalise its banks. Countries are taking action to force ailing banks to strengthen their finances following July's stress tests .

Global action

The EU will propose a European financial transaction tax at the G20 summit in Cannes on 3 and 4 November. The tax would help fund the EU's proposed budget for 2014-2020, geared towards investment in growth and jobs.

President Barroso said the EU will continue to play a central role in providing essential humanitarian aid to Libya and supporting the country's transition to democracy.

More on President Barroso's address

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