28.3.11

Remarks by Herman VAN ROMPUY President of the European Council following the meeting of the European Council

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Regarding the economy, I will not repeat all the decisions we took yesterday in detail. You will find
them in the conclusions.
A brief summing up tells just as much about the breadth of the front along which we are making
progress.
One: we concluded the Euro Plus Pact. I welcome that six non euro countries will join it.
Furthermore a number of colleagues already announced this morning their concrete commitments
under the Pact. They are: Spain, France, Belgium and Germany
.
Two: we reached a total and detailed agreement on the permanent Stability Mechanism and on the
temporary Facility.
Three: we agreed on the Treaty amendment needed to give full legal certainty to the Stability
Mechanism, after the positive opinion of the European Parliament.
Four: we endorsed the agreement on the six legislative proposals on budgetary and macro-economic
surveillance.
Five: credible stress-tests for the banks will take place soon.
These are the main elements of our global economic package to come out of the crisis.
By way of conclusion, let me just remind you that exactly one year ago, on 25 March 2010, the
European Council decided to improve the economic governance, in launching a Task Force.
One year later we have witnessed a sea change.
In twelve months, the working of the Economic and Monetary Union and the Eurozone has
fundamentally improved. We have new rules, new instruments, and more ambitious policies.
It was an effort of all institutions and all Member States. It was not always easy, not always without
drama, but the political will has been unflinching, and the results are there. Our sense of direction
has been clear and the results are there.


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