The conference was attended by some 250 representatives from 80 countries and organisations, including Hido Biscevic of the Croatian Foreign Affairs and European Integration Ministry.
Busek told the press that the Council would not be a substitute for EU membership, but only a way to speed up integration with the EU.
The Council's secretary-general should be a strong person who will be able to negotiate with the EU and all countries in the region, he said.
EU Enlargement Commissioner Olli Rehn, who attended the conference, said that he was satisfied with the proposals and that the Belgrade conference was one of the corner stones of regional cooperation.
Participants in a recent meeting of EU ministers and foreign ministers from Southeast European countries in Salzburg confirmed that Southeast European countries had a European prospect and needed to cooperate more closely for the sake of faster accession, Rehn said.
Speaking to reporters during a break in the conference, Rehn said that proposals for a referendum on independence for the Bosnian Serb entity were neither good nor welcome and that Bosnia's constitution should be respected as well as improved.
Addressing the conference, Serbian President Boris Tadic said that Ratko Mladic should be in The Hague. "He must be found and arrested immediately," Tadic said.
In the future Serbia will have the closest neighbourly relations with Montenegro, Tadic said, stressing that Serbia remained "committed to a peaceful compromise on the status of Kosovo and Metohija".
Serbia and Montenegro Foreign Minister Vuk Draskovic said that all obstacles to cooperation with the Hague war crimes tribunal had to be removed and that Serbia would not disappoint Europe.