Brussels European Council – Presidency Conclusions, December 2008

Sectors : Economic governance and public finance management, Financial Institutions, markets, services and microfinance, Energy, Climate change - general
Date made: 
2008
Level: 
Heads of State

Commitments

Commitments in: Governance - Economic governance and public finance management

“The European Council expressed its resolve to act in a concerted and comprehensive manner to protect the European financial system and depositors.”

Scope: 
International

“1. Faced with the financial crisis, the European Council affirms that it is determined to take coordinated and thorough action to restore the smooth running of the financial system, thus ensuring the normal and effective financing of the economy and returning to the path towards growth and employment ... 4. The European Council reaffirms its commitment that in all circumstances the necessary measures will be taken to preserve the stability of the financial system, to support the major financial institutions, to avoid bankruptcies and to protect savers' deposits.”

Scope: 
International

“12. The European Union must work with its international partners on a genuine, all encompassing reform of the international financial system based on the principles of transparency, sound banking, responsibility, integrity and world governance. The aim is to take early decisions on transparency, global standards of regulation, cross-border supervision and crisis management, to avoid conflicts of interest and to create an early warning system, so as to engender confidence among savers and investors in every country. The Union will quickly take appropriate initiatives in consultation with its main partners and the relevant international financial institutions. These initiatives will be carefully prepared within the EU.”

Scope: 
International

Commitments in: Infrastructure - Energy

“...the European Council has decided to step up the work in progress, by adopting the following guidelines and requesting the Commission to submit relevant proposals or initiatives, where necessary, to:
(a) finalise the legislative package on the internal market in electricity and gas before the end of the legislative period;
(b) expedite the implementation of the European Energy Efficiency Action Plan and the Strategic Energy Technology Plan;
(c) pursue with determination the diversification of energy sources, to which the measures in the energy/climate package contribute directly;
(d) promote improvement in the working of the market, in particular through greater transparency on flows and stockpiles and through sharing information on long-term requirements and resources;
(e) develop crisis mechanisms to deal with temporary disruptions to supplies;
(f) strengthen and add to critical infrastructure, particularly trans-European energy transport networks and liquefied natural gas terminals. Particular attention will be paid to interconnections and to the connection of the most isolated European countries, to the interface of European networks with supply infrastructure and to the need to diversify both sources and routes. The European Council supports the Commission initiative of establishing a plan of action to speed up interconnections in the Baltic region. A schedule of work will be drawn up for this purpose before the end of the year;
(g) develop the Union's energy relations with producer and transit countries with a view to securing stability of supply and diversifying its energy sources and supply routes. In this connection, the European Council welcomes the energy security initiatives taken by several Member States and, in particular, the meeting with the Caspian Sea countries and transit countries which will be organised by the Czech Presidency in the spring of 2009.”

Scope: 
International

Commitments in: Climate Change - Climate change - general

“16. The European Council confirms its determination to honour the ambitious commitments on climate and energy policy which it approved in March 2007 and March 2008. In this connection, it requests the Presidency and the Commission to organise intensive work over the next few weeks in order to enable the European Council in December 2008 to decide on appropriate responses to the challenge of applying that package in a rigorously established cost-effective manner to all sectors of the European economy and all Member States, having regard to each Member State's specific situation.”

Scope: 
International