European Council to discuss development of EMU

Press release 395/2012

On 13-14 December, the EU leaders will convene in Brussels to discuss the development of the European Economic and Monetary Union. Prime Minister Jyrki Katainen will represent Finland at the European Council meeting.

Finland is committed to measures to safeguard the stability of the single currency and develop EMU. Finland is, however, of the opinion that the development of EMU can only be achieved through a staged-process and that now the focus is to be placed on shorter-term objectives. Finland's starting point is that EMU should primarily be developed within the framework of the existing EU Treaties. Future guidelines, further preparation and new legislation should be based on a joint agreement between the Member States on how to develop EMU. It will also be necessary to ensure that Member States can take certain ownership of the reforms.

The European Council will take note of the Commission's Annual Growth Survey for 2013 and return to it in more detail in its March meeting. The Annual Growth Survey launches the 2013 European semester and serves as a basis for the European Council in its efforts to determine the main economic and employment policy challenges and provide general guidance to Member States.

The meeting will also set the stage for the preparation of the substantial debate on the Union’s common security and defence policy that will take place in December 2013. The debate will be based on the notion that the EU should take more responsibility for international security. The meeting is also to adopt conclusions on EU enlargement and key foreign policy issues.

Inquiries: Pasi Rajala, Special Adviser, EU Affairs, tel. +358 9 1602 2055 or +358 400 464 393 and Kare Halonen, State Secretary, EU Affairs, tel. +358 9 1602 2180, Prime Minister’s Office