BRUSSELS, Oct. 30 (Xinhua) -- European Union leaders have stressed the need to boost employment and enhance financial supervision and regulation.

    The leaders said in a conclusion document after a two-day summit here Friday that economic stimulus measures should not be withdrawn, though the "sharp decline in European economic activity is coming to a halt."

    "... in view of the increase in unemployment levels, the supporting policies should not be withdrawn until the recovery is fully secured," it said.

    The summit urged a "continued political commitment to active labor market policies" as "the unemployment situation can be expected to deteriorate further" in the EU.

    "Labor market participation is a prerequisite for economic growth, for the social and economic wellbeing of individuals and for a more socially cohesive Europe," said the document.

    As for financial supervision, the leaders called on the EU presidency and the European Parliament to initiate the process on two draft legislative proposals on the establishment of a European Systemic Risk Board for macro-prudential supervision.

    The meeting urged the member states to reach an agreement by December 2009 on a complete package setting up a new supervisory structure in Europe.

    The summit called for swift progress to be made on the strengthening of the regulatory framework for the prevention, management and resolution of financial crises and on the development of a comprehensive EU-wide framework for closer policy coordination on financial stability.