Press Release: European Council, 28-29 October 2010: Conclusions

In order to address the challenges revealed by the recent financial crisis, a fundamental shift in European economic governance is required. To that end, the European Council has endorsed the report of the Task Force on economic governance. Its implementation will constitute a major step forward in strengthening the economic pillar of EMU: it will increase fiscal discipline, broaden economic
surveillance and deepen coordination. The report also sets out the guiding principles for a robust framework for crisis management and stronger institutions. The European Council agreed on the way forward concerning the follow-up to the Task Force.

Further to its discussions of 16 September 2010, the European Council also exchanged views in preparation for the G20 Seoul Summit and the Cancún Conference on climate change as well as the summits with the United States, Russia and Ukraine.