THUNDER BAY – International – The European Union is working on making the EU economy more stable. With a financial crisis looming in Cyprus as a part of an EU bailout, the leaders are working to impose plans for needed stability.
European Union Leaders Endorse Priorities
At the European Council meeting on 14-15 March the EU leaders endorsed the Union’s economic priorities for 2013 and provided strategic guidance for the member states’ national budgetary policies and structural reforms for this year. This is part of the six-month policy coordination cycle between the EU member states, known as “the European Semester”.
“We are all fully aware of the debate, and of people’s mounting frustrations and even despair. We also know there are no easy answers. The only way out of the crisis is to keep tackling its root causes. Around the table, there was a strong sense of agreement about this”, said Herman Van Rompuy, President of the European Council.
The five agreed EU economic policy priorities are:
- differentiated, growth-friendly fiscal consolidation,
- restoring normal lending to the economy,
- promoting growth and competitiveness,
- tackling unemployment,
- modernising public administration.