World Business

EU task force agrees on four targets on economic governance

(Xinhua)
Updated: 2010-05-22 17:14

French Minister of Economy, Industry and Employment Christine Lagarde (L) and German Minister of Finance Wolfgang Schaeuble meet the press at the end of an extraordinary EU economy and finance meeting at the EU Council headquarters in Brussels, capital of Belgium, May 21, 2010. [Xinhua/Thierry Monasse]

BRUSSELS?- A task force of European Union (EU) finance ministers and economic experts ended Friday its first meeting here in Brussels, agreeing on four targets on strengthening economic governance of the bloc.

European Council President Herman Van Rompuy who convened the meeting told a press conference that there is "a sense of urgency and the spirit of cooperation" among key actors around the table.

"Today was only the start of a process, but we did more than just identify the issues on the table," Van Rompuy said.

"We already found agreement on the four main objectives and also on the direction in which we will move forwards for each of them," he said.

Related readings:  Market dips on EU debt crisis jitters - May 19  EU finance chiefs rule out continent-wide austerity drive

The four objectives included reaching greater budget discipline; finding means to reduce the divergence in competitiveness between the member states; having an effective crisis management mechanism in order to do with problems such as the one in the eurozone today; strengthening economic governance in institutional terms in order to act quicker and in a more coordinated and efficient manner, according to the president.

"We all want to draw lesson from this period," he said, adding that "in the past, corrective measures are taken too late."

The president stressed that he was deeply convinced that the EU can surmount this crisis.

He said that all member states will present their own proposals before the end of May after the European Commission circulated a communication concerning strengthening economic governance of the EU.

The task force will meet for two more times before summer and it will present a progress report to the EU summit on June 17.

The task force, established by EU heads of state and government at their summit meeting in March this year, will present a final report to the summit in October on the measures needed to reach the objectives of an improved crisis resolution framework and better budgetary discipline.