EU to make its first formal decisions on the common economic strategy for the next ten years

The Heads of State or Government of the EU-27 will make their first formal decisions in the process to develop the “Europe 2020” strategy that aims to achieve sustainable economic growth, job creation as well as recognition for the European social model.

The work session will begin on Thursday at 17.00 with a discussion with the President of the European Parliament, Jerzy Buzek.

This will be followed by the design of the Europe 2020 strategy that will replace the Lisbon Strategy approved in 2000 to make the EU economy the most competitive in the world.

Europe 2020

Chaired by the President of the European Council, Herman Van Rompuy, during the first day the leaders will outline the points that will guide Europe's future economic governance, as well as measures to incentivise and monitor that countries meet their specific targets.

Based on the European Commission's “Europe 2020” report, the Council will be asked to approve the general framework of the new EU strategy.

A limited number of quantitative objectives at an EU level could be approved, which will subsequently be translated into different national targets.

The intention is that “Europe 2020” will be definitively approved at the European Council in June, when Spain completes its rotating presidency.

The European leaders will also review the specific national strategies for dealing with the economic crisis.

The traditional dinner for Heads of State and Government will once again focus on the economy, preparing the main topics on the agenda for the next G-20 summit in Toronto.

Furthermore, it will also tackle common economic governance and the coordination of policies to help put an end to the differences in competitiveness between the various countries of the EU.
The Spanish Presidency has tried to incorporate the work and contributions from the sector councils, such as those for competitiveness, economy and finance, education, social policy and employment or environment, so that all of these aspects are articulated in the future Strategy 2020.

Climate change

The other subject highlighted at the summit meeting is an evaluation of the work on the fight against climate change.
 
The Council will attempt to impress a new dynamic following the Copenhagen climate summit, to adequately prepare the upcoming meetings in Bonn and Cancun.

This involves maintaining and confirming the financial commitments and the issues relating to a reduction in emissions.