BRUSSELS (MNI) – The following is the third and final section of
the main text of the Euro Summit Statement following the end of the
meeting:

EURO SUMMIT STATEMENT continued:

29. We will further strengthen the economic pillar of the Economic
and Monetary Union and better coordinate macro- and micro-economic
policies. Building on the Euro Plus Pact, we will improve
competitiveness, thereby achieving further convergence of policies to
promote growth and employment. Pragmatic coordination of tax policies in
the euro area is a necessary element of stronger economic policy
coordination to support fiscal consolidation and economic growth.
Legislative work on the Commission proposals for a Common Consolidated
Corporate Tax Base and for a Financial Transaction Tax is ongoing.
Governance structure of the euro area

30. To deal more effectively with the challenges at hand and ensure
closer integration, the governance structure for the euro area will be
strengthened, while preserving the integrity of the European Union as a
whole.

31. We will thus meet regularly – at least twice a year- at our
level, in Euro Summits, to provide strategic orientations on the
economic and fiscal policies in the euro area. This will allow to better
take into account the euro area dimension in our domestic policies.

32. The Eurogroup will, together with the Commission and the ECB,
remain at the core of the daily management of the euro area. It will
play a central role in the implementation by the euro area Member States
of the European Semester. It will rely on a stronger preparatory
structure.

33. More detailed arrangements are presented in Annex 1 to this
paper. Further integration

34. The euro is at the core of our European project. We will
strengthen the economic union to make it commensurate with the monetary
union.

35. We ask the President of the European Council, in close
collaboration with the President of the Commission and the President of
the Eurogroup, to identify possible steps to reach this end. The focus
will be on further strengthening economic convergence within the euro
area, improving fiscal discipline and deepening economic union,
including exploring the possibility of limited Treaty changes. An
interim report will be presented in December 2011 so as to agree on
first orientations. It will include a roadmap on how to proceed in full
respect of the prerogatives of the institutions. A report on how to
implement the agreed measures will be finalised by March 2012.

–end of main statement–

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