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In addition to addressing the immediate challenges posed by the financial crisis, it is essential tointensify efforts to secure sustainable and job-creating growth. Budgetary consolidation and debt reduction are of crucial importance in order to ensure the sustainability of public finances and restore confidence. At the same time, determined action is required to strengthen the economy already in the short run. It is therefore crucial for the European Union to implement all aspects of the Europe 2020 strategy. The Member States will accelerate structural reforms in line with the recommendations made in the context of the European semester. Within this framework, the European Council identified today a number of priorities which should be fast-tracked because of their significant impact on jobs and growth in the short to medium term. It also called for a stronger focus to be given to the growth-enhancing aspects of the European Union's external policies in order to maximise their contribution to growth in Europe and to shape the conditions to attract more foreign investment. The European Council set the Union's position for the G20Summit, giving top priority to maintaining financial stability and restoring growth. It also discussed the preparations for the Durban conference on climate change, stressing the need to take ambitious steps towards a global and comprehensive legally-binding framework for the post-2012 period.
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