President Barroso welcomed the agreement on the Single Supervisory Mechanism as a flagship of the banking union. He also praised the Italian government's reform efforts and the resulting credibility.
"The agreement on the Single Supervisory Mechanism – the flagship of our banking union… shows once again that we mean business and are able to find Treaty-based solutions at 27 that are fair and equitable. This is key to restoring confidence. I am most grateful for Italy's constructive role in reaching this deal", said President Barroso.
He also said that both he and Prime Minister Monti agree that there is yet need to go further to restore confidence and anchor stability as well as to maintain a medium-term and long-term perspective as set out in the Commission Blueprint. "We expect this European Council to give a clear signal in this sense even though we will not be able to solve all open issues today and tomorrow", stressed President Barroso
The two leaders also exchanged views on the situation in Italy. President Barroso praised Prime Minister Monti and his government for Italy's ambitious reform agenda including significant measures to bring down Italy's excessive deficit and to tackle high government debt.
He said that considerable progress has been made to improve the country's competitiveness and growth potential and expressed his hope and confidence that Italy will continue on this path. "The 2013 elections can neither constitute a break nor an excuse for slowing down the reform and consolidation agenda", said President Barroso.
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