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Fico says EU Summit was good preparation for upcoming European Council session

The extraordinary informal summit of the EU that took place in Brussels on Sunday, March 1, was good preparation for the upcoming session of the European Council aimed at tackling the global economic crisis, Slovak Prime Minister Robert Fico said following the summit.

The extraordinary informal summit of the EU that took place in Brussels on Sunday, March 1, was good preparation for the upcoming session of the European Council aimed at tackling the global economic crisis, Slovak Prime Minister Robert Fico said following the summit.

In Fico's opinion, European leaders agreed that the common economic space is a great advantage for the EU when it comes to managing the crisis. Protectionism was rejected and proposals regarding measures to deal with the problems caused by toxic assets were supported, along with the creation of a system for supervising the financial sector, the TASR newswire wrote.

“The EU continues in the struggle with the crisis together, and no country accused any other country during the summit of using measures that could be classified as protectionism. This has simply been rejected, this topic is definitely over,” said the Slovak prime minister.

The European leaders agreed that national and joint measures have to respect basic economic principles, and shouldn't result in the creation of debts and increased deficits, because this would have a negative impact in the future. Fico welcomed this, adding that it is in accordance with Slovak policy.

Turning to the strengthening of regulations and the supervision of financial institutions, Fico declared that he has no objections to greater international supervision, but added that this should not come at the expense of domestic supervision. TASR

Compiled by Zuzana Vilikovská from press reports
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