European Summit

On Thursday 19 March and Friday 20 March the heads of state or government of the 27 member states of the European Union gathered in Brussels for the so-called European Council, which is held at least twice a year. At the summit the heads of state or government discussed the current financial and economic crisis, the European energy policy and climate issues.

Financial crisis
Individual member states have taken their own measures to tackle the financial crisis. Some member states, for instance, have awarded State aid to banks. The European Commission is to draft a report on the effectiveness of such measures as well as on the extent to which State aid regulations are complied with.

Supervision
The European Council would like to improve the supervision of the financial sector. In February 2009 a group of financial experts, led by Mr Jacques de Larosière, issued a report on the strengthening of the supervision of financial institutions within the EU. One of the recommendations of the report is to increase existing cooperation in Europe. Moreover, a new body should be set up with the task of meticulously monitoring any potential risks in the European financial markets and providing an early warning mechanism. In June 2009 the European Council will decide on these issues.

Energy strategy
Energy supply assurance is another key issue. The European Union opts for a strategy based on different sorts of energy from multiple suppliers. Moreover, a reliable and stable European energy network is of great importance, for natural gas in particular. That is why the European Council has asked the European Commission to carry out the so-called Strategic Energy Review (SER). The SER contains proposals to enhance the EU's energy infrastructure and network.

Climate issues
The European Union would like to play a key role in the forging of a new international climate agreement in Copenhagen in December 2009. That is why the European Council is ready to pay a "fair share" of the measures against climate change. The EU would like to set an example, in order to stimulate other countries to assume their share of the costs and measures of a global climate policy. In June 2009 the EU Council will discuss the details of financing.