European Council Brussels, 18-19/10/12

On 18 and 19 October 2012, EU Heads of State and Government gathered in Brussels for a European Council dedicated to economic policy, growth, and employment. Prior to this meeting, the Tripartite Social Summit brought together European institutions and representatives of employers and employees to discuss ways to boost growth and create quality jobs. The European Council reiterated its firm commitment to take decisive action to address tensions in financial markets, restore confidence, and stimulate growth and employment. It carefully reviewed the implementation of the Growth and Jobs Pact. It welcomed the progress made so far but also called for swift, decisive and results-oriented action to ensure full and rapid implementation.
Following the presentation of the interim report on the Economic and Monetary Union (EMU), the European Council called for priority work on proposals for the Single Supervisory Mechanism with the aim of agreeing on the legislative framework by 1 January 2013 and agreed on certain guidelines for this purpose. It also noted issues related to integrated fiscal and economic policy frameworks and democratic legitimacy and accountability, which should be further explored. It agreed that the process towards deeper economic and monetary union should be based on the EU’s institutional and legal framework and be characterized by openness and transparency towards non-euro area Member States and by respect for the integrity of the Single Market. It looks forward to a specific and time-bound roadmap to be presented at its December 2012 meeting, so that it can move ahead on all essential building blocks on which a genuine EMU should be based. The European Council also discussed relations with the EU’s strategic partners and adopted conclusions on Syria, Iran and Mali.