Leaders of the 27 member states of the European Union (EU) on Friday urged further measures to combat the effects of the financial crisis and an exit strategy by controling public finances. The EU, like the rest of the world, 'still faces the effects of the deepest and most widespread recession of the post-war era,' said a conclusion document of a two-day EU summit here. 'It is imperative for the EU to continue to develop and implement the measures required to respond to the crisis,' it added. The EU agreed on an European Economic Recovery Plan last December, which amount to an overall budgetary support of around 5 percent of GDP in 2009/2010. The summit called for new measures to be built on the 'important achievements of the past months' in line with the Recovery Plan. An EU report assessing national measures said that the significant measures taken by governments and central banks 'are contributing to limiting the negative effects of the downturn and helping to safeguard jobs' and 'pave the way towards a sustainable economic recovery'. The summit reaffirmed strong commitments to sound public finances and to the Stability and Growth Pact. 'There is a clear need for a reliable and credible exit strategy, inter alia by improving the medium-term fiscal framework and through coordinated medium-term economic policies,' said the document. 