EU Agrees Economic Governance Changes for Eurozone

On October 29, 2010, the European Council -- comprising the Heads of State or Government of the 27 EU Member States -- issued conclusions calling for a “fundamental shift in European economic governance” including the creation of a “permanent crisis mechanism” for the Eurozone to replace the European Financial Stability Facility, which was established in May 2010 and is due to expire in 2013. The European Council endorsed the report of the Task Force on economic governance entitled “Strengthening Economic Governance in the EU” and called for a “fast track” approach to adopting the necessary legislation by the summer of 2011.