20 September 2013

European Council Conclusions - June 2013

The June European Council  primarily focused on how to combat youth unemployment and improve the financing of the economy - both key elements of the Compact for Growth and Jobs. Other areas to have been covered under this item were industrial competitiveness – ahead of a full debate in February 2014 – and reduction of the overall burden of regulation.

Moreover, the EU’s multiannual financial framework (MFF) for the coming seven years was particularly discussed, while the European Council endorsed country-specific recommendations on the member states economic, employment and fiscal policies, thus bringing the 2013 European Semester monitoring exercise to a close.

As a follow-up to the December 2012 Summit Heads of State or Government took stock of progress in regards to the deepening of the economic monetary union. Since the presentation last December of the report “Towards a genuine EMU” which identifies four key building blocks to strengthen the architecture of the EMU, work has been advancing in particular on the economic policy framework, along the four strands identified by the European Council:

1. the coordination of national reforms ("ex-ante coordination")

2. the social dimension of the EMU, including social dialogue

3. the feasibility and modalities of mutually agreed contracts for competitiveness and growth;

4. solidarity mechanisms in support of such agreements.

In the short term, focus will be on the immediate priority of the “banking union” and leaders are expected to recall that it is imperative to break the vicious circle between banks and sovereigns.

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