European Council, 13-14/12/2012

The European Council agreed on a roadmap for the completion of the Economic and Monetary Union, based on deeper integration and enhanced solidarity. This process will begin with the completion, strengthening and implementation of the new, enhanced economic governance, as well as the establishment of the Single Supervisory Mechanism and the adoption of new rules for recovery and resolution and for deposit guarantees. This will be completed with the establishment of a single resolution mechanism. Some other important issues will be further examined at the European Council meeting in June 2013, regarding the coordination of national reforms, the social dimension of the EMU, the possibility and procedures for implementing mutually agreed contracts for competitiveness and growth, and solidarity mechanisms and measures to promote the deepening of the Single Market and protect its integrity. Throughout this process, democratic legitimacy and accountability will be ensured. The European Council announced that the 2013 European Semester would be based on the annual growth survey submitted by the Commission. It decided to start work on the further development of the EU Common Security and Defence Policy and will return to the issue in December 2013.