Ref. Ares(2011)1111393 - 19/10/2011
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Ares (2011)
Dear Colleague,
We meet on 23 Oc tober at a c ritic al moment for the euro zone and the European
Union as a whole. Together we have already taken important decisions. However, we
now need to go further in order to restore the c onfidenc e of the markets and our
citizens. We must break the vic ious c irc le of unc ertainty over the sustainability of
sovereign debt, the stability of the banking system and the Union's growth prospects.
Faced with suc h wide-ranging c hallenges, it is time to agree on a c omprehensive
solution.
The Commission has adopted a Roadmap to Stability and Growth as our contribution
to developing such a comprehensive solution. As you will see, it sets out apian to
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Give a decisive response to the problems of Greece
Enhan e the euro area's bachtops against the crisis
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Strengthen the banking system, namely through recapitalisation
Frontload stability and growth-enhancing policies
Build more robust and integrated economic governance
These five strands are deeply interdependent and we will only succeed if the solutions
are implemented in parallel and in full.
I hope you will be able to support this approach and I look forward to discussing it
with you when we meet on Sunday 23 Oc tober. As we look ahead to the G20 summit
in Cannes, this will send a powerful signal to our international partners that we know
what needs to be done and are ready to ac t dec isively to restore c onfidenc e and
stability in Europe's economy and in our common currency..
Yours sincerely,
José Manuel BARROSO
To the Members of the European Council