Tackling the looming recession in Europe is the main priority for Denmark as it kicks off its six-month stint of EU presidency.

European Council President Herman van Rompuy said yesterday he had decided to convene EU leaders for an informal summit at the end of this month to agree on an anti-recession strategy.

He was addressing a press conference in Copenhagen following talks with Danish Prime Minister Helle Thorning-Schmidt.

While the EU wanted to emerge from the current financial crisis as quickly as possible, it had to do this without hampering economic growth, he added.

“We have to try to avoid a recession at all costs. This is going to be a very difficult and tough year and we need to work closely together to surpass the challenges we are facing,” Mr van Rompuy said.

According to recent economic forecasts issued by the European Commission, economic growth is set to slow down dramatically over the coming months with many member states expected to experience a recession.

Malta is not among the member states predicted to have a contraction in its economy, however, the general European slowdown is expected to leave its mark on the island particularly in important areas such as tourism and exports.

Mr van Rompuy said the special summit on January 30 in Brussels will also try to bring to a close the discussion on the new Fiscal Compact of the EU, which will oblige member states to take further measures to consolidate their public finances. “We hope by the end of this month we will finalise the text of this treaty so that it can be signed by the beginning of March.”

The treaty will force eurozone member states to include the so-called “golden rule” in their constitutions, obliging them to move towards a balanced budget, reduce their deficits by at least 0.5 per cent of GDP every year and put in place automatic safeguards to keep lowering their deficits and debts.