In what European Union president Herman Van Rompuy described as a "real breakthrough", leaders to agreed a 120-billion euro growth pact, short-term measures to help Spain and Italy and a longer-term roadmap to reshape the 17-nation eurozone.

Following is a list of the main points agreed:

Growth pact:

 A package of measures worth some 120 billion euros ($150-billion) to stimulate growth in the European Union by harnessing unused funds from the EU budget, raising the capital of the European Investment Bank and funding "project bonds" for infrastructure programmes.

— The package also includes measures to boost employment, in particular for young people, as well as a proposal to increase labour mobility throughout Europe.

Short-term measures:

— Leaders committed to setting up a supervisory body for banks in the eurozone, involving the European Central Bank, "as a matter of urgency by the end of 2012."

— When such a body is established, leaders said that the 500-billion euro ESM bailout fund that is due to come into force next month could directly recapitalise banks, under specific conditions.

— Leaders said that loans given by the ESM to Spain to recapitalise its banking sector would no longer have to be paid back before other loans in case of default, a very important factor for market participants.

— Leaders pledged to use their bailout pots "in a flexible and efficient manner in order to stabilise markets" for countries that are respecting deficit targets. This is a reference to buying bonds to drive down borrowing costs.

— The ECB has agreed to act as an agent to the bailout funds in conducting operations on the bond markets.

Long-term measures:

— Eurozone leaders agreed to "work towards a tighter economic and monetary union" via closer budgetary and financial cooperation in a bid to prevent such a crisis happening again.

— EU president Herman Van Rompuy said leaders agreed on four "building blocks" to achieve this closer union: financial framework, budgetary framework, economic policy framework and a strengthening of democratic accountability.

— Van Rompuy was tasked with presenting a further report in October giving more detail on the timelines for reforms, which could result in a banking union and, much further down the road, joint debt issuance.