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José Manuel Durão Barroso

President of the European Commission

Statement following the meeting of the Heads of States and Government of the Euro Area

Figures and graphics available in PDF and WORD PROCESSED

Meeting of the Heads of States and Government of the Euro Area

Brussels, 8 May 2010

As President Van Rompuy explained, we came out of our meeting tonight with a clear determination. We will do whatever it takes to safeguard financial stability not only of Greece, but of all the euro area. What you see tonight is the Eurozone united around its currency, the euro.

In fact, we have agreed on very important lines of action:

- First, what I could call a “Consolidation Pact”. We need deeper fiscal consolidation. Member States agreed to take additional measures for this consolidation and the Commission will implement the rules rigorously.

- Secondly, we will also immediately act to plug the gaps in our economic coordination. First the Commission will present a concrete proposal for a European Stabilisation Mechanism to preserve financial stability in Europe. This proposal the Commission will make will be presented to the ECOFIN meeting next Sunday, the day after tomorrow (9 May).

We also agreed to reinforce budgetary surveillance and to increase economic policy coordination. We will come with some proposals around these objectives next Wednesday, May 12.

- Thirdly, we will urgently complete financial market reforms. This was already mentioned in detail by President Van Rompuy in terms of the communiqué that is now available to you.

The important point common to all these agreed elements today is that we will defend the euro whatever it takes. We have several instruments at our disposal and we will use them. The European Institutions – Council, Commission, European Central Bank and of course the Euro area Member States. This was the clear decision unanimously taken today.

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