European Union leaders wrapped up their two-day summit on Friday, evaluating the EU's economic stimulus plan, agreeing to raise aid to struggling Eastern European economies, and providing more funds for the International Monetary Fund (IMF) to boost its lending capacity for poor countries.

"Good progress has been made in implementing the European Economic Recovery Plan adopted last December," said a conclusion document.

"Although it will take time for the positive effects to work their way through the economy, the size of the fiscal efforts (around 3.3 percent of EU GDP) will generate new investments, boost demand, create jobs and help the EU move to a low-carbon economy," it said.

EU member states expressed "confidence in the medium and long term outlook of the EU economy" and "determination to do what is necessary to restore jobs and growth", the document said, stressing that the single market was "central to making the recession in Europe shorter and less severe."

"By continuing to work in a coordinated manner, within the framework of the Single Market and EMU (the Economic and Monetary Union), the EU will overcome the crisis and emerge stronger," the document said.

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 (US$68 billion) to help its Central and Eastern member states out of their financial crunch.

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

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.