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05 September 2011

Statement by Herman Van Rompuy following his meeting with Jyrki Katainen, Prime Minister of Finland


The meeting focused on two issues: the follow up to the package of measures agreed by the Heads of State and Government of the Euro area on July 21; and the overall economic situation in the euro area.

"On the 21st of July we agreed together on a strong and bold set of measures to fight this crisis. We agreed on a new programme for Greece with strong conditionality and the contribution of private creditors, and we agreed to reinforce our crisis tools (the EFSF and ESM) to fight contagion and ensure overall financial stability.

We need now to implement this package as a matter of priority: all the measures, nothing but the measures. The credibility of the euro area, and of each of its Member States, is at stake. It is important to keep this in mind when debating domestic issues linked to the decisions that have been taken at the European level. This is the case when debating the issue of collateral for the loans to Greece as agreed in the eurozone Summit of the 21st July. We are committed to finding a solution to this matter agreed by all the Member States of the eurozone. A solution that addresses Finland's concerns but which does not undermine the wider purpose of reinforcing confidence and financial stability in Europe. Good progress is being made and I'm confident we will find an agreement soon. Of course, we expect Greece also to deliver on all its commitments as to the strict implementation of the reforms agreed with the EU.

Overall economic situation in the EU

Economic recovery in the EU and the euro area appears to be losing momentum, in line with weaker economic prospects in most other advanced economies. We are determined to ensure that financial stability is strengthened. And this is why the rapid implementation of the July package is so important. We need also to implement structural reforms at national and the EU level, for example through the single market and the digital agenda. This is key for growth and jobs.

Finally we also discussed how to improve the functioning and the governance of the euro area, to increase fiscal discipline and economic integration. The 'six pack', which I hope will be soon adopted by the Parliament, will be an important step. But we need to go beyond."

Full statement



© European Council


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