European Union leaders will give themselves until June next year to work out how governments can sign contracts to conduct reforms and get some form of EU financial support in return, draft conclusions of an EU summit this week showed on Monday.
The option of legally committing to a reform in exchange for money would apply to euro zone countries, but be open also to non-euro zone members of the 28-nation European Union, the draft conclusions of the December 19-20 summit said.
How exactly the system would work, and, more importantly, where the money in support of the reforms would come from, is to be worked out by the head of the European Commission Jose Manuel Barroso and the summit chairman Herman van Rompuy by June 2014.
The contracts would be for reforms that boost economic growth or create jobs, increase the efficiency of the public sector, help research and innovation, education and vocational training, employment and social inclusion, the conclusions said.
As an incentive to undertake them, the contracts "would include associated solidarity mechanisms offering support, as appropriate, to member states", the draft, seen by Reuters said.
Source: Reuters
