Over the past six decades, the European Union has contributed to the advancement of peace and reconciliation, democracy and human rights in Europe. It has transformed a continent that for so long was torn apart by war and division, shattering the lives of millions. I am delighted that this contribution has been given the strongest possible recognition by the Norwegian Nobel Committee, who awarded the Union the Nobel Peace Prize last week. The history of the European Union is one of evolution and transformation as it has grown and deepened to meet the challenges of each era.
The challenge for our generation is the unprecedented economic crisis that has faced the Union and, more especially, the euro zone over the past number of years. The topic of how best to move beyond crisis and return Europe to a growth and job creating trajectory has been the subject of discussion at most, if not all, of my meetings with colleagues in the European Union. It has dominated discussions at the European Council.
A great deal has been achieved. We have put in place the rescue packages and mechanisms for Member States in difficulties which were needed to stabilise matters in the immediate context – we didn't have these when the crisis began.
We have tightened the rules and our ability to enforce them through steps such as the six-pack of the legislation adopted last year and through the Fiscal Treaty. We have strengthened our coordination and governance arrangements through the Europe 2020 process, the Euro Plus Pact and the European Semester.
We are improving our ability to anticipate where problems may arise, including through the two-pack of legislation which I hope will be adopted as quickly as possible.
At the end of June, we adopted a Compact for Growth and Jobs to help advance that vital agenda. It sets out an ambitious programme of work at national and European level. Driving it forward will be an important priority of the Irish Presidency in the first half of next year.
Importantly, at the end of June, Heads of State or Government also agreed to break the vicious circle between sovereign and bank debt and we are now working through the steps needed to secure that outcome. This will help to address one of the key brakes on Europe's recovery.
Every step of the way we have seen the European Institutions – the Commission, the Council, the European Council and European Parliament – have worked together to seek common solutions to shared problems.
It is clear, however, that we need to give careful thought to whether the Economic and Monetary Union we now have, including these new arrangements put in place since the crisis broke, is sufficient to meet the needs and the challenges of the future. In June, President of the European Council was to examine this question, in close cooperation with the Presidents of the Commission, ECB and Eurogroup. He will present an interim report to the European Council on 18/19 October and a final one by the end of the year.
