Communication from the Commission to the European Parliament, the European Council, the Council, the European Central Bank, the European Economic and Social Committee, the Committee of the Regions and the European Investment Bank – Action for stability, growth and jobs

The crisis now affecting so many parts of Europe has shaken trust in the ability of Europe’s political and economic system to deliver on the EU Treaty’s ambition of "sustainable development ... based on balanced economic growth". Many of our citizens are angry and bewildered by the speed at which a long period of rising living standards has turned into a huge financial crisis, heavy job losses and the prospect of high debt levels for many years to come.

The debts, deficits and imbalances now facing the EU did not happen overnight but built up over many years and the social consequences are far reaching. This is a testing time for national governments and for the EU. Part of our current difficulties was imported into the EU through the financial crisis. Part was home-made. What matters now is the quality and effectiveness of our response.

EUR-Lex: COM(2012)299: Follow the progress of this document through the decision-making procedure http://eur-lex.europa.eu/legal-content/EN/HIS/?uri=COM:2012:299:FIN

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