European Council Conclusions.pdf

The European Council meeting on 28-29 October 2010 resulted in several key conclusions:

1. Economic Governance: The European Council endorsed the report of the Task Force on economic governance, aiming to increase fiscal discipline, broaden economic surveillance, and deepen coordination. A "fast track" approach will be followed to adopt secondary legislation by summer 2011.

2. Crisis Mechanism: A permanent crisis mechanism will be established to safeguard the financial stability of the euro area, with a limited treaty change required. The European Council will revert to this matter in December 2010.

3. EU Budget and Multi-annual Financial Framework: The European Council stressed the need for the EU budget and the forthcoming Multi-annual Financial Framework to reflect the consolidation efforts of Member States.

4. Seoul G20 Summit: The European Council confirmed the orientations agreed by the Council and discussed priorities for the Seoul summit, including the implementation of measures agreed in the Framework for Strong, Sustainable and Balanced Growth.

5. Cancún Conference on Climate Change: The European Council emphasized the importance of making progress in tackling climate change and delivering a significant intermediate step towards a global and comprehensive legally binding framework.

6. Financial Sector: Further work is necessary on levies and taxes on financial institutions, with a report back to the European Council in December 2010.

7. International Cooperation: The European Council stressed the need to avoid protectionism and engage in growth-oriented development agendas, while also emphasizing the importance of keeping markets open and injecting momentum into the Doha negotiations.