European Council in Brussels

On October 23, 2011, a European Council was held in Brussels, which concluded the following:
“Beyond addressing the immediate challenges posed by the financial crisis, more intensive efforts are absolutely necessary to ensure sustainable growth that promotes job creation. Fiscal consolidation and debt reduction are crucial to ensure the sustainability of public finances and restore confidence. At the same time, decisive action is needed to boost the economy in the short term. It is therefore of utmost importance for the European Union to implement all aspects of the ‘Europe 2020’ strategy. Member States will accelerate structural reforms in line with the recommendations made within the framework of the European Semester. In this context, the European Council today identified certain priorities that should be put into rapid implementation due to their significant impact, both short-term and long-term, on jobs and growth. It also called for greater attention to be paid to aspects of the European Union’s external policies that promote growth, in order to maximize their contribution to Europe’s development and create appropriate conditions for attracting more foreign investment. The European Council defined the Union’s position for the G20 Summit, giving absolute priority to maintaining financial stability and restoring growth. It also discussed preparations for the Durban Climate Change Conference, emphasizing the need for ambitious action towards a global and comprehensive legally binding framework for the post-2012 period”.