Speaking in Lough Erne, Northern Ireland, as the leaders of the Group of Eight met for talks, Van Rompuy claimed efforts to reduce deficits, restore financial stability and create jobs were moving the European Union ‘in the right direction’.

Van Rompuy, who will represent the EU in the talks, said: ‘To our G8 partners we will make clear that as far as Europe is concerned the situation has improved in terms of financial stability – and that we are focused on getting Europe out of the economic crisis.

‘The euro is no longer under an existential threat. Financial stability has been restored. Deficits have been halved. Competitiveness is improving and – as a result – exports are picking up.’

Significant progress had also been made towards integrating the financial framework and creating a banking union, he added.

The initial success in addressing deficits meant EU member states could now focus more on structural reforms in the labour and product markets, he said, and on structural fiscal targets rather than nominal targets.

Strengthening the architecture of the European economic and monetary union was also a priority.

‘Our economies will come stronger out of the crisis and the eurozone more integrated,’ he claimed. The EU would talk to the G8 nations about how ‘individually and collectively we can contribute to promote global recovery and to fight unemployment’.

Tomorrow, the G8 leaders are expected to discussion plans to crack down on tax evasion and increase transparency. Tax fraud and evasion were ‘morally, politically and financially unacceptable’, Van Rompuy commented.

‘The EU – which was and continues to be at the forefront on the automatic exchange of information between tax authorities – will be happy to bring its expertise to help in designing and developing a global standard,’ he added.