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Conclusions of the European Council 1-2 March 2012

02-03-2012 13:25:00

The European Council discussed the implementation of the EU's economic strategy. This strategy
pursues both continued fiscal consolidation and determined action to boost growth and jobs;
sustainable growth and jobs cannot be built on deficits and excessive debt levels. The measures
taken to stabilize the situation in the euro area are bearing fruit.

The European Council endorsed the five priorities for 2012 set out in the Commission's Annual
Growth Survey. It looked at action that has to be taken at national level. Member States must make
faster progress towards the targets of the Europe 2020 Strategy and step up efforts on the reforms
taken up in the 2011 Country-Specific Recommendations. They are expected to indicate the
measures they intend to take to that effect in their National Reform Programmes and their Stability
of Convergence Programmes. The European Council also discussed action required at the EU
level, pushing ahead with completing the Single Market in all its aspects, both internal and
external, and boosting innovation and research.

In the margins of the European Council the participating Member States signed the Treaty on
stability, coordination and governance in the EMU.

The European Council set the EU's priorities for the forthcoming G20 meeting and UN Rio+20
Conference, with a particular emphasis on growth-enhancing measures and reforms. It took stock
of developments concerning the Arab Spring and set guidance for future EU action to support that
process.

The European Council granted candidate status to Serbia.

It agreed that the Council should revert to the issue of Bulgaria and Romania's accession to the
Schengen area in order to adopt its decision in September.

Finally, the European Council re-elected Herman Van Rompuy as its President.

Download the conclusions of today's meeting in the European Council (PDF)