24 May 2012

Remarks by President of the European Council, Herman Van Rompuy, following the informal dinner of the members of the European Council

Mr Van Rompuy said that the leaders had discussed the three main pillars of a growth strategy based on the EU 2020 strategy – mobilisation of EU policies to support growth fully, financing the economy through investments, and the need to strengthen job creation.

"The first point: we need to mobilise EU policies to fully support growth. We therefore invited the European Parliament and the Council to make rapid progress on important legislative proposals, such as the Single Market Act and the Energy Efficiency Directive.

"Second, we need to step up our efforts to finance the economy through investments and better access of Small and Medium-sized Enterprises to credit. Reforms must go hand-in hand with investment, and EU funds can play an important role in this regard. To this extent, the board of the European Investment Bank is invited to consider an increase of its capital by June for financing projects across the EU.

"Thirdly, we need to strengthen job creation. Therefore, the EU and its Member States also invest in skills and training. In order to promote a job-rich recovery, it is necessary to make concrete reforms and take measures to support labour demand and job-creation in key sectors of the economy.

"On behalf of euro area leaders, I reaffirm that we want Greece to remain in the euro area while respecting its commitments. We are fully aware of the significant efforts already made by the Greek citizens. The eurozone has shown considerable solidarity, having already disbursed together with the IMF nearly €150 billion in support of Greece since 2010. We will ensure that European structural funds and instruments are mobilised to bring Greece on a path towards growth and job creation.

"Continuing the vital reforms to restore debt sustainability, foster private investment and reinforce its institutions is the best guarantee for a more prosperous future in the euro area. We expect that after the elections, the new Greek Government will make that choice."

Full speech

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