At their 18-19 October summit, EU leaders agreed to act quickly on economic stimulus measures and to take steps towards a closer economic and monetary union.
In a briefing prepared for their meeting, Commission President José Manuel Barroso said more must be done under the recently announced compact for growth and jobs , a €120bn package of measures to help countries recover from the crisis.
The funds include an expansion of the European Investment Bank's lending capacity by €60bn. Another €55bn will be redirected from unused EU regional funds to support small businesses and create jobs for young people.
They pledged support for other stimulus measures, including the launch of the Connecting Europe Facility, which will fund €50 billion worth of investments in transport, energy and digital networks.
The financial sector must also make a fair contribution to the recovery. The Commission will take a first step towards introducing a tax on financial transactions and present a plan to crack down on tax fraud and tax evasion before the end of the year.
Closer economic and monetary union
Leaders agreed to complete work on common supervision of the eurozone’s banks by the end of the year. The legal framework will be implemented in 2013.
Leaders also agreed work should continue on proposals for a banking union, fiscal union, economic union and steps towards political union. President Barroso said the Commission will set out its blueprint on the proposals later this year.
Leaders endorsed additional sanctions against Syria’s government and Iran, which needs to comply with international rules relating to its nuclear programme.
They noted the political and humanitarian crisis in Mali and decided to speed up the EU’s help in reorganising and training the country’s defence forces.
The next European Council meeting is on 22 and 23 November in Brussels.