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European Council conclusions

© Conseil de l'UE © Conseil de l'UE
  • On: 16.10.2008
  • In: Brussels

Presided over by Nicolas Sarkozy, the European Council met on 15 and 16 October 2008.

In a context dominated by the international economic and financial crisis, the European Council marked its unity by expressing its resolution to act in a concerted and global way to stabilise the European financial system and protect depositors, thus confirming the principles adopted at the Eurogroup summit a few days earlier. The Council decided to set up a mechanism to allow a rapid and coordinated reaction in the event of an emergency. It decided to reinforce the supervision system and prudential standards at European level. It welcomed the adoption of accounting norms reflecting the fair value of assets. The European Council also approved the initiative of its president to work with our international partners towards a reform of the international financial system and a new world governance. In this context, the President of the European Council and the President of the European Commission will meet with the President of the United States as of the end of this week.

The European Council reaffirmed the objective of reaching an overall agreement on the energy-climate change package for the December European Council and agreed on the Presidency and the Commission intensifying work towards this end. On energy security, the Council adopted a series of specific guidelines which will be implemented in the coming months.

The Council adopted the European Pact on Immigration and Asylum, which will henceforth form the basis of a common policy on immigration and asylum for the EU and its Member States, guided by a spirit of solidarity between Member States and cooperation with third countries. This common policy should be based on a good management of migratory flows, in the interest not only of the host countries but also of the countries of origin and the migrants themselves.

It heard the Irish prime minister's analysis of the Irish referendum on the Treaty of Lisbon and agreed to review the issue in December in order to define the elements of a solution and the approach to take for 2009.

The Council also approved the composition of the group to reflect on the future of Europe, proposed by the president of the group, Felipe Gonzalez, and the two vice-presidents. The group will now commence its work.

Lastly, on the external front, the Council reviewed Russia's implementation of the agreement of 8 September, the situation in Georgia and the EU's relations with its eastern neighbours. The EU-Russia summit on 14 October in Nice will provide an opportunity for in-depth dialogue with Russia. The European Council asked the Commission to make proposals in November on the eastern partnership.

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Summit of the euro area countries: declaration on a concerted European action plan of the euro area countries - 12.10.2008

European Council  15-16.10.2008

  • Updated: 07.01.2009
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