02 March 2012

Statement by President Barroso at the final press conference of the Spring European Council Press conference Brussels

President Barroso said that regarding structural reform, there was a clear expression to have clear deadlines and firm ownership by the Heads of State and Government so that they can fill the implementation gap.

"We now have a new phase in economic governance and the commitment to a growth agenda. Precisely because there is now less tension regarding some issues related to the euro, it was possible to focus minds on the need for structural reform for growth, including of course a medium-term structural reform, but also some short-term measures, like the ones the Commission has been proposing for youth employment, for SMEs, and today, the project bonds, the growth bonds, and also the roll-out of broadband.

Today, we have also seen the signature of this new Fiscal Compact Treaty. I think it is a real signal that we will not return to the battle days of fiscal irresponsibility. There were very important commitments there, commitments also to put that Treaty inside the European Union framework, which of course I very much welcome. This is a treaty on stability, but as I said during the ceremony, it is a treaty that of course has to be in full respect to the European Union treaties indeed subordinated to them, and it was not the right moment in the treaty to deal with all other important issues of our economic union from the internal market to social and economic cohesion or structural funds. That is why I now believe there are now better conditions, since this culture of financial stability is being consolidated, there are now better conditions to address also the other very important matters of solidarity, not only of course the ESM, and there were decisions to advance the ESM, but also in other areas of our European Union policy.

So the fiscal Treaty, while reinforcing governance, is also a very important political statement on the irreversibility of the euro. All the Member States that signed the Treaty, not only the euro area members, all the others, are committing themselves to a stronger level of discipline and convergence, thus sending a very clear message on the irreversibility of the euro.

The euro is not just the currency of some countries – the euro is the currency of the European Union. That is why this Treaty was so well received by our partners. As a clear commitment to the switch of the euro, and linking precisely the euro to the main objectives of the EU.

Regarding the European Stability Mechanism there were also some decisions. Capital pay-in will be accelerated; it was confirmed that it will be set up and working in July 2012 this year. This month the effective level of its firepower will be re-assessed. I trust the necessary decisions will be taken.

Finally, on our international agenda. It was also important to set the principles and the main orientation for the G20 in Mexico. As you know the European Commission has been working very hard with all Member States so that the EU can keep a leadership role in terms of the implementation of the global commitments for global governance, namely the framework for stability and growth. These decisions at this European Council show Europe is doing its homework. We would like others also to follow."

Full speech

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