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The conclusions of the European Council spring summit on 19-20 March stressed that restoring confidence and the proper functioning of the financial market is an indispensable precondition for the way out of the current financial and economic crisis.



As expected, the European Council agreed to build the coming reforms of the EU regulation and supervision of financial institutions on the recommendations from the ‘de Larosière ‘ High Level Group. On the base of this report and the proposal on strengthening financial supervision from the Commission in May, the Council will make a first decision at the June 2009 European Council meeting.



The European Council also agreed on a common position with a view to the G20 Summit on 2 April in London(annexed in the conclusions). This suggests measures to strengthening the global supervision and transparency in the sector among other things by strengthening the FSF and the IMF and the collaboration between the institutions



The European Council spring summit conclusions are attached