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EU heads of state and government discussed the financial and economic crisis and agreed that Europe must continue to act in a co-ordinated manner.
Leaders recognised that it is vital to unblock credit flows and deal with impaired banking assets. It was considered essential to improve the regulation and supervision of financial institutions and to ensure long-term sustainability of public finances. Macro-financial stability should be strengthened throughout the EU, and help is envisaged for each member state facing temporary imbalances. Participants also pointed to the sound medium-term prospects and benefits resulting from EU integration.
Protectionism is not the answer - the single market should be the main vehicle to create growth and employment. Job losses should be limited by using tools such as the European Social Fund to their full potential. A special summit on employment will be held in May in Prague. Enhanced co-ordination of schemes for the renewal of car fleets was welcomed.
A further informal meeting of the European Union's heads of state or government, with a focus on employment issues, is already scheduled for May in Prague.
Press release
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