Conclusions of 24/25 March 2011 EU summit included the following:
2. Within the new framework of the European semester, the European Council endorsed the
priorities for fiscal consolidation and structural reform.
priority to restoring sound budgets and fiscal sustainability, reducing unemployment through
labour market reforms and making new efforts to enhance growth. All Member States will
translate these priorities into concrete measures to be included in their Stability or
Convergence Programmes and National Reform Programmes. On this basis, the Commission
will present its proposals for country-specific opinions and recommendations in good time for
their adoption before the June European Council.
3. In particular, Member States will present a multi-annual consolidation plan including specific
deficit, revenue and expenditure targets, the strategy envisaged to reach these targets and a
timeline for its implementation. Fiscal policies for 2012 should aim to restore confidence by
bringing debt trends back on a sustainable path and ensuring that deficits are brought back
below 3 % of GDP in the timeframe agreed upon by the Council. This requires in most cases
an annual structural adjustment well above 0.5% of GDP. Consolidation should be
frontloaded in Member States facing very large structural deficits or vey high or rapidly
increasing levels of public debt.
15. Member States will set out the main measures required to move towards the Europe 2020
headline targets as agreed in June 2010. They will also present policy measures to correct
harmful and persistent macroeconomic imbalances and improve competitiveness.
9. The package of six legislative proposals on economic governance is key to ensuring enhanced
fiscal discipline and avoiding excessive macroeconomic imbalances. It includes a reform of
the Stability and Growth Pact aimed at enhancing the surveillance of fiscal policies and
applying enforcement measures more consistently and at an earlier stage, new provisions on
national fiscal frameworks and a new surveillance of macroeconomic imbalances.
In other words, progress towards common economic government was marked. The Euroland states also signed up to a super pact for them. The measures above apply to all member states.