The European Union (EU) was about to enhance economic coordination, fiscal discipline, as well as rescue programs, President of European Council Herman Van Rompuy said here on Monday.
Van Rompuy cited economic, employment and financial situation as top of the agenda for their discussion. "Financial stability is a common concern, not only for the Eurozone countries but also for the Union as a whole."
"Far-reaching decisions have been taken last year. We will implement these without delay," he reiterated.
Van Rompuy made those speeches after meeting with Danish Prime Minister Thorning Schmidt.
He pledged that the new fiscal compact treaty would be signed by early March after its political part would expectedly be finished by January. According to Van Rompuy, the new European Financial Stability Facility (EFSF) tools would be fully operational by the end of this month, with the European Central Bank (ECB) as an agent.
Besides, the European Stability Mechanism (ESM) Treaty will enter into force in July 2012, sooner than scheduled. "The European Council will also assess the adequacy of the size of the ESM without delay," he said.
Another key objective in the upcoming months would be restoring economic growth and creating jobs, as well as avoiding recession, said the president. "We need to mobilize all our energy for this at the level of the Union and most importantly at the level of the Member States."