At its last meeting held in Brussels on 8/9 March the European Council concluded that a further integration of the European financial markets, in particular by removing obstacles to the creation of a Single Payment Area, will be important steps to reinforce the European Union's international competitiveness.
On the “Better Regulation” principle the European Council underlines that further efforts are required in order to consolidate and build on achievements so far. The evaluation of the Commission's impact assessment system will help identify further improvements, including through the enhanced consideration of aspects relevant for external competitiveness as part of the economic impact pillar.
The European Council views the establishment of an 'Impact Assessment Board' by the Commission as an important step. The European Council stresses the need for the Council and the European Parliament to make greater use of impact assessments.
In spring 2008, the European Council will consider on the basis of a review by the Commission whether further action is needed, taking into account different options, including a group of independent experts to advise the institutions on their work towards Better Regulation.
In view of the US-EU summit in April 2007 the European Council underlines the importance of transatlantic economic relations, which should be strengthened through a New Transatlantic Economic Partnership, enhancing the commitment to the economic initiative launched at the 2005 summit.
Council Conclusions
Revised version 2nd May
© Council of the European Union
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