Financial recovery plans and energy security on top of the agenda
The European Council expressed confidence in the ability of the EU to tackle the financial and economic crisis. Reviewing the considerable fiscal stimulus now being injected into the EU economy (over €400 bn), it emphasised that concerted action and coordination were an essential part of Europe's strategy for recovery and emphasised that Europe would do all that was necessary to restore growth. It further emphasised that the single market was central to making the recession in Europe shorter and less severe. Stressing the need to get lending flowing again to businesses and households, it agreed to speed up agreement on pending legislative proposals on the financial sector. In June, the European Council will take first decisions to strengthen EU financial sector regulation and supervision, to be based on Commission proposals following thorough discussion in the Council on the de Larosière report. Based on the EU's own experience and desire to contribute significantly to shaping the future international governance of the financial sector, it defined the Union's position with a view to the G20 Summit in London on 2 April.
The European Council also reverted to the issue of energy security. It specifically agreed on orientations for setting up a crisis mechanism to deal with disruptions of supplies. It took further steps in preparation of the Copenhagen Conference on climate change. Finally, it agreed a Declaration launching the Eastern Partnership.