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EU summit to focus on euro zone, economic integration

The present EU summit is held an unusual atmosphere of the past four years - ever since the onset of the Greek financial crisis

Photo EPA/ITAR-TASS

Photo EPA/ITAR-TASS

BRUSSELS, June 28 (Itar-Tass) - Matters aimed at deepening economic integration of euro-zone countries and the adoption of an EU investment programme for small and medium-sized businesses of the EU will be the main subjects of discussion here on Friday on the second day of the summit of 27 EU member-countries.

"The key task is to improve our competitiveness," German Chancellor Angela Merkel stated here. It is precisely Germany which will now determine the contours of the future for a new currency-and-economic union of the euro-zone countries, the union which presupposes a higher level of economic and political integration.

The present EU summit is held an unusual atmosphere of the past four years - ever since the onset of the Greek financial crisis. Its participants seek to conceal the joy brought about by two major events in the past 48 hours: the compromise reached by the Finance ministers over the European banks' bankruptcy formula, and the decision taken by the Europarliament leadership to support theEU seven-year budget plan for the 2014-2020 period.

A diplomat from one of EU countries told Itar-Tass, "An upbeat atmosphere is currently reigning at the summit. Its participants anticipate the EU's forthcoming extrication from the financial crisis. They hope for a considrrable improvement of things in the US economy, which will open up the prospect of a steady economic upsurge before the EU."

"The EU has done a considerable portion of hard work and it now begins to reap its fruits," he pointed out, describing the common sentiments among participants in the present summmit.

The leaders of EU countries on Friday are expectd to support the "Investment Plan for the EU", which is designed to provide small and medium enterprises of the EU with cheap credits.

The political agend for the second day of the EU summit includes such items as fixing a date for Serbia to launch negotiations on accession to the EU, the transfer of EU rotating presidency from Ireland to Lithuania whcih will perform the functions of the presiding country from July 1 to December 31, this year.The Heads of State are also to make a final decision on the admission of Latvia to the euro zone, effective from next year. Such a decsion was already upheld by the European Commission and the EU Council, as well as greet a 28th EU member-country -- Croatia -- which will become a full member of the EU on July 1.

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