European Council to implement measures to strengthen Euro and avoid crisis

2010-10-30 10:20:26 GMT+7 (ICT)

BRUSSELS (BNO NEWS) -- The European Council on Friday announced that it will implement measures to strengthen the Euro and avoid another crisis like the one in Greece earlier this year.

"With the endorsement of the Task Force report and the decision on the way forward for the Eurozone crisis mechanism, the European Council has sealed a solid pact to strengthen the Euro," said Herman Van Rompuy, President of the European Council.

The European Council endorsed the report of the Task Force on economic governance following a meeting with the Heads of State. The implementation of the report will represent a major step forward in strengthening the economic pillar of the region.

The adoption of the Task Force's report will increase fiscal discipline, broaden economic surveillance and deepen coordination. The report also sets out the guiding principles for a robust framework for crisis management and stronger institutions.

In addition, the Council agreed on the need for Member States to establish a permanent crisis mechanism to safeguard the financial stability of the euro area as a whole.

President Van Rompuy sadi that he intends to subsequently examine in consultation with the Member States the issue of the right of euro area members to participate in decision making in EMU-related procedures. This participation will be needed in case of a permanent threat to the stability of the euro area as a whole.

Furthermore, it was decided that at the same time that fiscal discipline is reinforced in the European Union, it is essential that the agency's budget and the forthcoming Multi-annual Financial Framework reflect the efforts being made by Member States to bring deficit and debt onto a more sustainable path.

-- © BNO News All rights reserved 2010-10-30

Translation - We're going to talk up the Euro while we develop a plan to deal with Club Med, but we need more money to pull this off.