Herman Van Rompuy President of the European Council, announced among other things, that the Council agreed that Member States will boost the financing of the economy by mobilising around €120 billion for immediate growth measures. In addition, Member States from the euro area asked to the Council to consider the possibility of recapitalizing banks directly under certain conditions.

Following the first session of the European Council celebrated on 28 of June, President Herman Van Rompuy announced that Member States reached an agreement to mobilise around €120 billion for immediate growth measures. In particular, a €10 billion increase of the capital of the European Investment Bank will increase the Bank's overall lending capacity by €60 billion. According to Mr Van Rompuy, this money must flow across Europe, not least to the most vulnerable countries, and help companies grow themselves out of the crisis. Recently, Spain and Cyprus have officially requested financial aid.

On the other hand, in a separate meeting, Member States from the euro area agreed to ask to the Council to consider a set of Proposals as a matter of urgency by the end of 2012. Among such proposals, when an effective single supervisory mechanism is established, involving the European Central Bank (ECB), for banks in the euro area the European Stability Mechanism (ESM) could, following a regular decision, have the possibility to recapitalize banks directly.

In addition, leaders of Euro area Member States urged to the Council for the rapid conclusion of the Memorandum of Understanding attached to the financial support to Spain for recapitalisation of its banking sector. They also reaffirmed their strong commitment to do what is necessary to ensure the financial stability of the euro area.