The European Commission has adopted communications on sovereign wealth funds (SWFs) and on adapting European and global financial systems to better promote financial stability. These communications are the Commission’s contribution to EU leaders' discussions on these subjects at the Spring European Council which will take place on 13-14 March 2008. On SWFs, the Commission is proposing that EU leaders endorse a common EU approach to increasing the transparency, predictability and accountability of SWFs. This common approach will strengthen Europe's voice in international discussions aiming to establish a code of conduct including standards in areas of transparency and governance. On financial stability, the Commission wants the European Council to confirm the principles which will guide the EU’s efforts to improve financial market transparency and reinforce prudential control and risk management, and to set out the broad lines of the action to be taken.