To supplement the national action, the European level can and will also play its part. "There are three things I would like the June European Council to deliver and I will do my best so that the European Council in June delivers that", said the President. "First, a clear endorsement of the country-specific recommendations, without falling for the temptation to water them down. Second, agreement on a growth initiative that takes forward the numerous ideas we have proposed over the last 18 months. Namely project bonds, the EIB lending capacity increase and the optimisation of the Structural Funds Third, acceptance that if Heads of State and Government want to increase growth, we need a European budget that – while tight and comparatively small – has the means to invest for the future, to invest for growth and jobs. Finally, we intend to look at the further steps we need to take towards a full economic union to complete our monetary union. The Commission will advocate an ambitious approach. The "building blocks" could include among others a banking union with integrated financial supervision and single deposit guarantee scheme. Our ideas on stability for bonds are already on the table."
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