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Good discussion on growth and jobs

<p>From left to right: Helle Thorning-Schmidt, Danish Prime Minister, Herman Van Rompuy, President of the European Council, José Manuel Barroso, President of the European Commission<br />© European Union </p>
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From left to right: Helle Thorning-Schmidt, Danish Prime Minister, Herman Van Rompuy, President of the European Council, José Manuel Barroso, President of the European Commission
© European Union 

 

The first part of the European Council meeting on 28 June was dedicated to discussion of the draft Compact for Growth and Jobs and of Europe's next Multiannual Financial Framework, focusing on how it could contribute to boosting economic growth in Europe.

 

The leaders agreed on the principal lines of the Compact for Growth and Jobs, outlining actions designed to stimulate growth, investment and employment and improve Europe's competitiveness. Discussions on the financial stability aspects of the compact will continue during this summit.

 

"We will boost the financing of the economy by mobilising around 120 billion euro for immediate growth measures", said President of the European Council Herman Van Rompuy at the press conference.

 

The European Investment Bank will see its capital increased by 10 billion euro, which will expand the bank's overall lending capacity by 60 billion euro. 55 billion euro in structural funds which have not yet been allocated to projects will be reallocated to measures for small and medium-sized enterprises and youth employment. 

 

The pilot phase of the Project Bonds (almost 5 billion euro) will be launched this summer for initiatives in energy, transport and broad-band infrastructure.

 

The leaders' initial discussion of Europe's next Multiannual Financial Framework for 2014-2020 centred on two questions: what are the priority areas for investment and how to make sure that these investments give the best value for money.

 

The EU budget is only 1/50th the size of all the budgets of the EU's member states put together, but it is an investment budget and these MFF negotiations are therefore a unique opportunity to make the EU budget a tool for growth. 

 

"The MFF discussions are always interesting political negotiations. They are not just about how much we can spend and where the money comes from, but also where we spend it and how we spend it. They are about more than just money", said President Van Rompuy. 

 

He thanked Danish Prime Minister Helle Thorning-Schmidt for the excellent groundwork done by the Danish Presidency of the Council of the EU for these negotiations.

 

The leaders agree it is necessary to conclude the MFF negotiations before the end of 2012. The European Council will continue the MFF debate at the meeting in October this year.

 

After the press conference, the leaders discussed the report "Towards a genuine Economic and Monetary Union", drafted by President Van Rompuy together with the President of the European Commission, José Manuel Barroso, the President of the European Central Bank, Mario Draghi, and the President of the Eurogroup, Jean-Claude Juncker. 

 

 

More information:

Press Statement by President Van Rompuy (pdf)

Press conference (video)

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