Brussels, 10/02/2011 (Agence Europe) - “I have invited the heads of state or government of the euro area to a summit in Brussels on 11 March in the evening”, said President of the European Council Herman Van Rompuy on Wednesday 9 February on Twitter, which was later confirmed by the EU Council of Ministers. This is the second time Van Rompuy, a former Belgian prime minister, has used Twitter to make important announcements because in December 2010 he tweeted the changes to the Lisbon Treaty recommended by the member states with a view to setting up a European Stability Mechanism (ESM) for the eurozone in the summer of 2013 (see EUROPE 10280).
The 11 March summit will deal with a comprehensive answer to the sovereign debt crisis in the eurozone and heads of state are expected to decide on a range of measures to boost economic governance, encourage competitiveness of eurozone economies, boost the existing bailout funds like the EFSF, and decide on how the ESM will operate (which will take the place of the current funds). Non-euro countries will be able to participate in this comprehensive answer to the crisis, the final version of which will be agreed at the spring European Council of 24 - 25 March. Last Friday, Germany and France mooted the idea to their eurozone partner countries of a Competitiveness Pact, the contents of which they said had yet to be written although details have already been leaked and are being criticised by some of the member states they are aimed at (see EUROPE 10309). The way this measure was put forward by the two biggest eurozone economies, which have the power to veto any decisions, is being strongly criticised by the European Commission and most MEPs (see EUROPE 10312 and 10311). (M.B./transl.fl)