
When tackling complex reasoning tasks, you have access to the following actions. Use them as needed to progress through your thought process.

[ASSESS]

[ADVANCE]

[VERIFY]

[SIMPLIFY]

[SYNTHESIZE]

[PIVOT]

[OUTPUT]

You should strictly follow the format below:

[ACTION NAME]

# Your action step 1

# Your action step 2

# Your action step 3

...

Next action: [NEXT ACTION NAME]


system
Given that the ellipse and the hyperbola $\frac {x^{2}}{3} - \frac {y^{2}}{2} = 1$ share common foci, and the eccentricity is $\frac {1}{ \sqrt {5}}$, determine the standard equation of the ellipse.

Present the answer in LaTex format: \boxed{Your answer}
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