Press Release: European Council 18/19 October 2012 – Conclusions

The European Council reiterated its firm commitment to take resolute action to address financial market tensions, restore confidence and stimulate growth and jobs. It closely reviewed the implementation of the Compact for Growth and Jobs. It welcomed progress made so far but also called for swift, determined and result-oriented action to ensure its full and rapid implementation.
Further to the presentation of the interim report on EMU, the European Council called for work to proceed on the proposals on the Single Supervisory Mechanism as a matter of priority with the objective of agreeing on the legislative framework by 1st January 2013 and agreed on a number of orientations to that end. It also took note of issues relating to the integrated budgetary and
economic policy frameworks and democratic legitimacy and accountability which should be further explored. It agreed that the process towards deeper economic and monetary union should build on the EU's institutional and legal framework and be characterised by openness and transparency towards non-euro area Member States and respect for the integrity of the Single Market. It looked forward to a specific and time-bound roadmap to be presented at its December 2012 meeting, so that it can move ahead on all essential building blocks on which a genuine EMU should be based.
The European Council discussed relations with the EU's strategic partners and adopted conclusions on Syria, Iran and Mali.