EU Leaders Gather for Emergency Summit to Boost Growth

EU leaders will assemble on an emergency European Council May 23 to discuss measures to stimulate economic growth in the Union.

This was revealed Tuesday by European Council President Herman Van Rompuy on his Twitter account.

The announcement comes in the wake of a special statement by European Commission President Jose Manuel Barroso calling for stepping up measures to create growth in the EU.

In his address, Barroso recalled prior stimulus measures proposed by the Commission which he said he would like to see implemented.

The EC President further stressed he hopes for swift developments that could make the effects of the measures be felt before the end of the year.

This has marked a predicted change of tone on the part of the Commission away from a stress on austerity measures and onto an emphasis on growth as a tool to tackle the financial and economic crisis in Europe.

Some have connected the move with Sunday's election of socialist Francois Hollande, an adversary to excessive austerity, to be France's next President.

European Commissioner for Financial Affairs Olli Rehn had already issued a statement suggesting that Europe should move away from preoccupation with austerity and concentrate on promoting growth to tackle the crisis.

The May 23 European Council is set to be a difficult one, as the leaders of EU Juggernaut Germany - Chancellor Angela Merkel and her FinMin Wolfgang Schaeuble - are staunch defenders of financial stringency and austerity.

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