Brussels EU summit to tackle jobs, growth and financial instability
Baku, January 30 (AZERTAC). The 27-member European Union has added a summit to the usual four per year. The stated focus of this extra summit, the first of the Danish presidency, is jobs, but the leaders will be expected to put financial stability and growth in Europe first. The European Parliament and Commission will spend January in negotiations for an intergovernmental pact that tightens fiscal rules for the euro zone. If the talks prosper, it is possible the leaders will have an agreement to sign at the January summit. A new agreement intended to regulate the 17 countries in the euro zone plus any others who later join them in the single currency area is expected to go forward, according to Reuters, but many mechanisms for tightening fiscal controls and sanctions in the euro zone remain unspecified. In his video statement at the conclusion of the December EU summit, EU President Herman Van Rompuy said he anticipated that the agreement might be signed in March, "or sooner," which opens the possibility of the January signatures. Announcing the January summit, Van Rompuy described job creation as a challenge in the context of expected zero growth in most EU economies. He explained that "the measures with the most potential to boost growth and jobs should be given priority." Though Britain has declined to participate in the so-called fiscal compact, which is backed by the other 26 states, it is expected to attend the negotiations. The January summit could see pressure put on British Prime Minister David Cameron to opt in to the agreement.
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