European Union leaders to meet on Jan 30

BRUSSELS Wed Dec 21, 2011 3:56am IST

A seamstress sews a European Union (EU) flag in a small workshop in Belgrade October 13, 2011. REUTERS/Ivan Milutinovic/Files

A seamstress sews a European Union (EU) flag in a small workshop in Belgrade October 13, 2011.

Credit: Reuters/Ivan Milutinovic/Files

Related Topics

BRUSSELS (Reuters) - European Union leaders will meet on January 30 next year, European Council President Herman Van Rompuy said on Tuesday as diplomatic negotiations began on a pact to tighten euro zone fiscal controls.

In a video address, Van Rompuy said the summit for the 27-country bloc would be focused on jobs. He also highlighted the importance of achieving financial stability in the euro zone.

"It will be focused on jobs, and that is a big challenge in the context when zero growth is expected in most of our economies," said Van Rompuy, who will chair the meeting.

"We must take strong action on employment," he said. "Bringing financial stability to the euro zone remains absolutely key for our future."

Pointing to the reforms being made in individual EU countries, he said: "The path is long, longer than we expected. But let there be no doubt, there is a fundamental political will to move forward as a union. We have a moral duty to continue this mission."

Van Rompuy announced the date as a meeting took place in Brussels between EU diplomats, the European Parliament and the European Commission to start negotiations on an intergovernmental agreement to tighten fiscal controls and sanctions in the euro zone.

Britain will attend the negotiations although it has not signed up to the new agreement, which is intended to regulate the 17 countries now in the euro zone plus any others which later join the single currency bloc.

It appears likely that the so-called fiscal compact will be backed by all the 26 other states in the European Union.

Many diplomats and officials, however, have had reservations about pursing a separate agreement to enshrine a framework for imposing discipline on spendthrift countries.

As the meeting to discuss the new pact drew to a close, three lawmakers representing the European Parliament said the goals of the international agreement would have been best achieved using existing EU rules.

One of those members of parliament, Roberto Gualtieri, said in a statement: "I think all that is in this text could be achieved with EU legislation."

(Reporting By John O'Donnell; Editing by Andrea Ricci and Leslie Adler)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

India-Nepal Ties

REUTERS SHOWCASE

Facebook Results

Facebook Results

Facebook beats Wall Street targets, stock hits record high  Full Article 

GM Recall

GM Recall

GM recalls 717,950 vehicles in U.S., not for ignition switches  Full Article 

Factory Sector

Factory Sector

China July HSBC flash PMI at 18-month high of 52.0   Full Article 

Breakingviews

Breakingviews

Apple winds up earnings hope for new gadgets  Full Article 

BRICS Bank

BRICS Bank

World Bank chief welcomes new BRICS development bank.  Full Article 

Streamlining Operations

Jet Streamlines

Jet Airways chairman says looking to restructure debts, talking to bankers  Full Article 

Political Economy

Political Economy

Analysis - Watch what markets don't do as world politics turns nasty   Full Article 

Honda's India Thrust

Honda's India Thrust

Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec   Full Article 

 Boosting Output

Boosting Output

NMDC plans to boost iron ore output by two-thirds  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage