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Published on 19-10-12

The European Commission President José Manuel Barroso has welcomed the agreement by EU leaders at the European Council in Brussels today to have legislative decisions on the Single Supervisory Mechanism by the end of the year and the clear commitment to a long-term vision for economic and monetary union.

    European Commission President José Manuel Barroso

    European Commission President José Manuel Barroso

    The Commission will set out its thinking on a blueprint for economic and monetary union in a few weeks' time. This will feed into the work that President Van Rompuy, in close cooperation with the Presidents of the Commission, European Central Bank and Eurogroup, are doing and which will lead to a clear roadmap for the December European Council.

    The President stressed that the focus should also be kept on the immediate priority: reviving growth and creating jobs.

    Speaking at the post Summit press conference Mr Barroso said:

    "The reality is that the crisis is still with us: unemployment remains worryingly high, with the potential to undermine even further social cohesion. I am painfully aware of the difficult situation in which many European citizens find themselves, and this is precisely the reason why we have asked heads of state and government today to immediately implement the Compact for Growth and Jobs."

    "We have a growth compact on paper. Now we need to have it on the ground, we need to have it in reality. The reality is that this Growth Compact, an important investment package worth €120 billion, has not yet been fully implemented."

    "We are asking our citizens to make major sacrifices. We need to provide them with hope, with a realistic prospect that growth will return and that the most vulnerable in society will not suffer."

    "The financial sector must also make a fair contribution to the recovery. Next week the Commission will take the first step towards launching enhanced cooperation on a financial transactions tax. We will present an action plan on tax fraud and tax evasion before the end of the year." 

    "At next month's special European Council we need to provide the union with a budget for growth and jobs. This is critically important. I cannot promise we will have more sleep at the next European Council, I think it is going to be a long European Council, but I hope heads of state and government will be able to find consensus as they have at this summit."

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    Last update: 24/10/2012  |Top