The European Council has just finalised the European Union’s new strategy for jobs and growth.

It agreed on its main elements, including the key targets which will guide its implementation and arrangements for its improved monitoring. The strategy will help Europe recover from the crisis and come out stronger, both internally and at the international level, by boosting competitiveness, productivity, growth potential, social cohesion and economic convergence.

The new strategy responds to the challenge of reorienting policies away from crisis management towards the introduction of medium- to longer-term reforms that promote growth and employment and ensure the sustainability of public finances, inter alia through the reform of pension systems.

The EU has met the worldwide financial crisis with united resolve and has done what was necessary to safeguard the stability of the Economic and Monetary Union. In particular, in May an agreement was reached on a support package for Greece as well as on a European financial stabilisation mechanism and facility, which was finalised in June.

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