Getting the economy back on track is one of the biggest challenges Europe is facing. EU leaders meeting in Brussels on 19 and 20 March affirmed that the implementation of the December recovery plan is progressing well. The fiscal stimulus of over €400 billion will generate new investments, boost demand and create jobs.
The heads of state and government decided to double to €50 billion the amount of financial assistance to non-euro member states facing balance-of-payments problems. They also reached an agreement on the €5 billion Community part of the recovery plan, boosting specific infrastructure projects. These include broadband internet and energy connections, such as support for the Nabucco gas pipeline.
The summit defined the Union's position for the next G20 summit in London, which will be crucial in reshaping the global financial system and rebuilding confidence.
Regarding jobs, a special employment summit will be held in Prague in May 2009. The social partners will be invited to participate.
Enhancing the EU's energy security is another key priority. Energy efficiency must be improved and sources, suppliers and supply routes diversified. A crisis mechanism is to be set up to deal with supply disruptions.
The summit took steps allowing the EU to play a leading role at the Copenhagen conference on climate change in December 2009.
Finally, the leaders endorsed the Eastern Partnership, which will deepen ties with Armenia, Azerbaijan, Belarus, Georgia, the Republic of Moldova and Ukraine. This initiative will be officially launched at a summit on 7 May.
More information:
Presidency Conclusions(pdf)
Council webcast of press conference