European Council urged ECOFIN Council to reach complete agreement by December 2009 on a new supervisory structure in the EU and to make progress on the resolution of financial crises. An EU-wide framework for closer policy coordination needed.
The European Council recalls its Conclusions of June 2009 as regards strengthening the supervisory framework in the EU and notes that there was broad agreement in the Council on 20 October 2009 on the two legislative proposals (draft Regulation and Council Decision) on the establishment of the European Systemic Risk Board for macro-prudential supervision. The European Council urges the Presidency to initiate the process with the European Parliament on the draft Regulation and Decision. The European Council recognises the progress made thus far and reiterates the importance of the swift continuation of the work on the establishment of the European Supervisory Authorities for micro-prudential supervision, in order to reach a general approach on these proposals. The European Council urges the Council, after further political consideration, to reach agreement by December 2009 on a complete package setting up a new supervisory structure in the EU. The European Council will discuss this matter at its next meeting.
· The European Council calls for rapid progress to be made on the strengthening of the regulatory framework for the prevention, management and resolution of financial crises and on the development of a comprehensive EU-wide framework for closer policy coordination on financial stability, in line with the roadmap agreed by the Council on 20 October 2009. In this connection, the European Council welcomes the outcome of the G20 Pittsburgh meeting, particularly as regards the preparation of a framework for strong, sustainable and balanced growth as well as continuing work on a Charter for Sustainable Economic Activity. It also welcomes the commitment to take measures to strengthen the international financial supervisory and regulatory system, including reforming international standards for compensation and achieving a single set of high quality global accounting standards. The European Council emphasizes that, in the context of the framework for strong, sustainable and balanced growth, the IMF and the G20 will have to take fully into account the institutional economic policy set-up of the European Union and the euro area as a whole. It calls on the Council and the Commission to ensure thorough preparation by the European Union of future G20 meetings.
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