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EUROPEAN COUNCIL, Thursday and Friday 16 and 17 December in Brussels

Under the Presidency of Herman Van Rompuy, the European Council discussed on Thursday 16 the outline of a permanent mechanism to safeguard the financial stability of the euro area and a limited treaty change required to create such a mechanism.

During the dinner, the EU's Heads of State or Government have had an exchange of views on economic developments in the presence of the President of the European Central Bank. On Friday morning, the High Representative Catherine Ashton will brief the European Council on recent work on strategic partners. The European Council is also expected to decide on granting Montenegro the status of candidate country.

Stability mechanism for the euro area/treaty change

On the basis of a report from the President, the European Council will discuss a limited treaty amendment for a permanent mechanism to safeguard the financial stability of the euro area.

The mechanism will replace the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM), which will remain in force until June 2013. Activation of the permanent mechanism, in the event of a risk to the stability of the euro area, will require mutual agreement of the euro area member states.

The treaty change would involve revising Article 136 of the Treaty on the Functioning of the European Union by adding a paragraph under which member states whose currency is the euro may establish amongst themselves a stability mechanism to safeguard the stability of the euro area as a whole and stating that the granting of financial assistance under the mechanism will be made subject to strict conditionality.

The October 2010 European Council invited its President to undertake consultations on a limited treaty change required to establish a permanent mechanism. It also invited the Commission to undertake, in close consultation with the President of the European Council, preparatory work on the general features of such a future mechanism.

The report by the President of the European Council, in close cooperation with the Commission, will present the outcome of this work agreeing both on the outline of the mechanism and on the text of the limited treaty amendment required.

President Basescu attends the winter European Council meeting in Brussels

Romanian President Traian Basescu arrived in Brussels on Thursday, where he participates in the winter European Council meeting, which will be held on December 16 and 17, with the debates to focus on economic issues mostly. Head of the Romanian Government's European Affairs Department Bogdan Manoiu and Presidential Adviser for European Affairs Leonard Orban are also among the members of the delegation, which accompanies the Romanian Head of State in Brussels. On Thursday, President Basescu attended the European People's Party Summit and the European Council meeting with the EP President, as well as the first working session of the Council.

Sursa: http://www.actmedia.eu

Tags: european council euro president stability treaty mechanism thursday brussels financial

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