COUNCIL OF
THE EUROPEAN UNION
Brussels, 21 July 2011
STATEMENT BY THE HEADS OF STATE OR GOVERNMENT OF THE EURO AREA
AND EU INSTITUTIONS
We reaffirm our commitment to the euro and to do whatever is needed to ensure the financial
stability of the euro area as a whole and its Member States. We also reaffirm our determination to
reinforce convergence, competitiveness and governance in the euro area. Since the beginning of the
sovereign debt crisis, important measures have been taken to stabilize the euro area, reform the
rules and develop new stabilization tools. The recovery in the euro area is well on track and the euro
is based on sound economic fundamentals. But the challenges at hand have shown the need for
more far reaching measures.
Today, we agreed on the following measures:
Read morehttp://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/123978.pdf
Comment: The European Union has progressed from crisis to crisis. Up to now, each crisis envolved a setback at first and a launch forward afterwards. The trajectory is like the procession called "one step back, two steps forth". It seems that this rule also holds presently.
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