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Spring forecast: towards a slow recovery
11/05/2012
Spring forecast: towards a slow recovery
11 May 2012
"A recovery is in sight, but the economic situation remains fragile, with still large disparities across Member States. We are witnessing an ongoing adjustment of the fiscal and structural imbalances built up before and after the onset of the crisis, made worse by the still weak economic sentiment Without further determined action, however, low growth in the EU could remain. Sound public finances are the condition for lasting growth, and building on the new strong framework for economic governance, we must support the adjustment by accelerating stability and growth-enhancing policies."
Statement by Vice-President Rehn on the budgetary agreement reached in the Netherlands
02/05/2012
"We welcome the budgetary agreement reached with broad consensus in The Netherlands. It sends a strong signal of commitment to keep Dutch public finances on a strong and sustainable footing with a view to securing the welfare of future generations.
The agreement confirms a long Dutch tradition of sound public finances, reflecting a deeply-rooted stability culture. It underlines the strength and credibility of domestic institutions in not shying away from difficult choices that inevitably have to be made.
Consequently, the Dutch authorities submitted the Stability Programme today, in respect of the agreed deadline. The Commission will assess the programme in May in the context of the European Semester, as it will for all EU Member States.
The rules of the Stability and Growth Pact put a strong emphasis on the structural sustainability of public finances and on structural reforms. The Commission will therefore assess the Dutch programme putting particular emphasis on the quality and sustainability of the adjustment measures in the medium-term."
Statement by Vice-President Rehn at the Eurogroup
28/02/2012
Interparliamentary Committee Meeting on the European Semester
Brussels, 28 February 2012
"We have come a very long way over the past two years in completing the Economic and Monetary Union with an appropriate architecture for economic governance. The new structures aim at ensuring that all Member States regard their economic policies as a common concern and contribute to the common objectives of balanced growth, stability, employment and social progress, as provided for by the EU Treaties. "
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Statement by Vice-President Rehn at the Eurogroup
21/02/2012
Strasbourg, 14 February 2012
Mr Rehn described the agreement as "an essential step further for Greece and for the euro area as a whole"
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Statement on the Alert Mechanism Report Press Conference
14/02/2012
Strasbourg, 14 February 2012
The "raison d'être" of this very first Alert Mechanism Report is to tackle risky macroeconomic imbalances throughout the European Union.
The report is essentially a screening device and our main surveillance tool to detect the build-up of potentially risky and damaging macroeconomic imbalances in such areas as competitiveness, export performance, current account, private debt or the housing market."
Statement on the vote in the Greek Parliament
13/02/2012
Brussels - "I welcome the positive vote of the Greek Parliament on the second programme for Greece. Yesterday's vote is an expression of the determination prevailing in the country to put an end to the spiral of unsustainable public finances and to the loss of competitiveness."
Eurogroup
25/01/2012
I want to say once again that the future of Greece is first and foremost in the hands of those who have the political responsibility, in the Government and in the Parliament. The decisions that they will take in the next days and weeks will determine the prospects of the country and its people to put an end to an era of unsustainable public finances and chronic loss of competitiveness.
Vice President Rehn after EU finance ministers and officials meeting in Brussels
25/01/2012
ON GREEK DEBT TALKS:
"The talks between the private creditors ... and the Greek government have progressed well and they are very close to an agreement. It is certainly preferable to achieve an agreement in the coming days, preferable to do so in January rather than in February."
Vice President Olli Rehn European Commission
13/01/2012
"I regret the inconsistent decision earlier today by Standard and Poor's concerning the rating of several euro area Member States, at a time when the euro area has taken decisive action in all fronts of its crisis response. These initiatives push forward the necessary fiscal consolidation and structural reform in our Member States, address the fragilities of the banking sector, reinforce our financial backstops and strengthen our economic governance. The recent EU decisions, combined with action by the ECB, have been instrumental in easing tensions in sovereign bonds markets.
It is now important to finalize as soon as possible the features and practicalities of the European Stability Mechanism (ESM) and, as decided by the Heads of State or Government on 9 December 2011, to advance its entry into force to July 2012. As noted earlier tonight by the President of the Eurogroup, the ESM will have its own capital base and thus will be less vulnerable to changes in ratings of its Member States. The Commission has repeatedly called for a reinforcement of our financial backstops, both in the scope of their activities – as it was agreed last year – and in its "firepower". The adequacy of the overall ceiling of the EFSF/ESM of €500 billion will be reassessed by March 2012."
Vice President Olli Rehn European Commission
12/12/2011
Vice President Olli Rehn
Press Conference, 12 December 2011
Entry into force of the six-pack and outcome of European Council
"I want to announce a major milestone in Europe's economic governance and crisis response. Tomorrow, the legislative package to reinforce our rules of economic governance, the so-called "six-pack", enters into force and is set to radically change the economic and fiscal surveillance of all 27 Member States. And, as I've said before, I am determined to fully use this powerful set of tools from Day One."
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