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European Council (20/21 March 2014). Conclusions

EUCO 7/1/14  

Europe is emerging from the financial and economic crisis. The European economy is recovering, after several years of limited or even negative growth. The recovery is expected to strengthen this year. The European Council had an exchange of views on the economic and social situation and outlook. It discussed in particular the most appropriate policy response for the short and medium term. It concluded the first phase of the European Semester and had a first discussion on the implementation of the Europe 2020 Strategy ahead of the mid-term review at the Spring 2015 European Council. It also focused on a stronger European industrial competitiveness as a driver for economic growth and jobs. It held a first policy debate on the framework for climate and energy in the period from 2020 to 2030 and agreed on the way forward. It underlined the important link between the Europe 2020 strategy, industrial competitiveness and climate and energy policies. 
The European Council hailed the agreement reached on the SRM regulation which will open the way to the completion of the Banking Union. This represents another crucial step towards a stronger and more resilient Economic and Monetary Union. Finally, it cleared the way for the adoption of the Directive on taxation of savings income.

author(s): European Council
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