EU leaders vow to tackle financial, economic crises within framework of single market

Czech Prime Minister Mirek Topolanek, whose country currently holds the rotating EU presidency, wait at EU headquarters prior to the special summit in Brussels, capital of Belgium, March 1, 2009. The European Union leaders held a special summit focusing on economic recession on Sunday.(Chinese media/Wu Wei)
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BRUSSELS, March 1 (Chinese media) -- European Union (EU) heads of state and government will agree to tackle the current financial and economic crises within the framework of the European single market, according to a draft document prepared for an informal EU summit.

"They (The leaders) agreed that Europe can only face this challenge and overcome the current crisis by continuing to act together in a coordinated manner, within the framework of the Single Market and EMU (European Monetary Union)," reads the document prepared by the Czech Republic, which holds the rotating EU presidency.

The leaders will underline the importance of building confidence and promoting financial stability, getting the real economy back on track, and working together with other international players, according to the document obtained by Chinese media on Sunday.

Greek Prime Minister Costas Karamanlis shakes hands with European Commission President Jose Manuel Barroso (R) ahead of a EU leaders summit in Brussels March 1, 2009. (Chinese media/Reuters Photo)
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On building confidence, the leaders will recognize the importance to unblock the credit channel and to deal with toxic assets of banks. They will also reiterate the need to improve the regulation and supervision of financial institutions, ensure long-term sustainability of public finances and strengthen macro-financial stability.

With regard to measures on real economy, the leaders will commit to make maximum use of the single market as the engine for recovery to support growth and jobs. They will welcome a policy paper of the European Commission on the car industry.

Austrian Chancellor Werner Faymann arrives at EU headquarters prior to the special summit in Brussels, capital of Belgium March 1, 2009. The European Union leaders held a special summit focusing on economic recession on Sunday.(Chinese media/Wu Wei)
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The leaders will recognize the importance of measures to counter the negative impact on employment.

They will agree to draw conclusions at their formal summit on March 19-20 on the implementation of the European Recovery Program both at EU and national levels.

The EU leaders will recognize the importance of the Group of 20(G20) economic summit in London on April 2 for rebuilding confidence among businesses, citizens and the financial sector. The leaders will use their March 19-20 summit to prepare the EU's position at the G20 summit.