The European Council discussed the implementation of the EU's economic strategy. This strategy pursues both continued fiscal
consolidation and determined action to boost growth and jobs; sustainable growth and jobs cannot be built on deficits and
excessive debt levels. The measures taken to stabilize the situation in the euro area are bearing fruit.
The European Council endorsed the five priorities for 2012 set out in the Commission's Annual Growth Survey. It looked at action that has to be taken at national level. Member States must make faster progress towards the targets of the Europe 2020 Strategy and step up efforts on the reforms taken up in the 2011 Country-Specific Recommendations. They are expected to indicate the measures they intend to take to that effect in their National Reform Programmes and their Stability of Convergence Programmes. The European Council also discussed action required at the EU level, pushing ahead with completing the Single Market in all its aspects, both internal and external, and boosting innovation and research.
In the margins of the European Council the participating Member States signed the Treaty on stability, coordination and governance in the EMU.
The European Council set the EU's priorities for the forthcoming G20 meeting and UN Rio+20 Conference, with a particular emphasis on growth-enhancing measures and reforms. It took stock of developments concerning the Arab Spring and set guidance for future EU action to support that process.
The European Council granted candidate status to Serbia.
It agreed that the Council should revert to the issue of Bulgaria and Romania's accession to the Schengen area in order to adopt its decision in September Finally, the European Council re-elected Herman Van Rompuy as its President.
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