The European Council has agreed to set up a new European Systemic Risk Board and three pan-European regulatory bodies. More specific legislative proposals on the new EU supervision system will be brought forward in autumn. We will then get a better picture of whether this turns out to be a soft or tough response to the current financial crisis.
Ireland is given a set of binding guarantees and will hold a second referendum on the Lisbon Treaty in October. Ireland is hard hit by the financial crisis and we believe that this fact together with the new guaranties have changed the scene so much that Ireland will vote “yes” to the Lisbon treaty this time.
EU leaders have unanimously endorsed President Barroso for a second five-year term. His nomination now needs the approval of the European Parliament next month. Member States stand ready to take their share of further financing needs, as they arise, for the IMF.
Flexicurity was emphasised as an important means to modernise and foster the adaptability of European labour markets in the current situation.
