In June, the European Council “will take its first decisions to strengthen the EU’s financial sector regulations and supervision” based on the commission’s proposals following thorough discussion in the council on supervision of the financial sector.

The EU leaders agreed to double the EU’s medium-term financial aid, or crisis fund, to 50 billion euros (68 billion dollars) to help its Central and Eastern member states out of their financial crunch.

The European Commission raised the crisis fund from 12 billion euros (16.32 billion dollars) to 25 billion euros (34 billion dollars) in December 2008 when Hungary and Latvia received a total assistance of 9.6 billion euros (13.06 dollars).

More countries are expected to demand such assistance, with Romania being the next, as Central and Eastern European countries have suffered more severe losses compared with their Western neighbors.

The summit made a “to-do” list defining the EU’s position at the G20 Summit in London on April 2.

EU leaders announced at the end of the summit that the bloc would provide 75 billion euros (103 billion U.S. dollars) to the IMF to boost its lending ability, urging other countries to follow suit.

EU members also agreed to invest 5-billion-euro (6.8-billion-dollar) of unused budget funds into energy and broadband infrastructure construction.

They specifically agreed on orientations for setting up a crisis mechanism to deal with disruptions of supplies.

The summit also considered preparations for the Copenhagen Conference on climate change in December.

The summit also adopted the Eastern Partnership Initiative, designed to enhance ties between the EU and its eastern neighbors, such as Georgia, Ukraine, Belarus, Armenia, Azerbaijan and Moldova.