News - November 2010

Olli Rehn European Commissioner for Economic and Monetary Affairs Next steps for securing Financial Stability in Europe Reducing Systemic Risk

30/11/2010

SPEECH/10/701 Ladies and Gentlemen, Thank you very much for the invitation to speak on the next steps to secure financial stability in Europe. Let me first take a quick look into the past and present developments in the field before addressing the next ...

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Autumn forecast 2010-2012: EU recovery taking hold, but progress uneven

29/11/2010

IP/10/1614 Brussels, 29 November 2010 The European Commission's autumn forecast foresees a continuation of the economic recovery currently underway in the EU. GDP is projected to grow by around 1¾% in 2010-11 and by around 2% in 2012....

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November 2010: Economic Sentiment is gaining further momentum

29/11/2010

IP/10/1616 Brussels, 29 November 2010 Important notice: since May 2010 business surveys data are classified in accordance with an updated version of the Nomenclature of Economic Activities (NACE rev. 2) causing a potential break in series at this date.In ...

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Joint statement of European Commissioner for Economic and Monetary Affairs Olli Rehn and Managing Director of the International Monetary Fund Dominique Strauss-Kahn on Ireland

29/11/2010

MEMO/10/624 Brussels, 29 November 2010 "We strongly support the economic program announced today by Ireland. It is a forceful response to vulnerabilities in the banking system imposing a heavy cost on the budget and, in turn, hurting the prospects for ...

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November 2010: Business Climate Indicator improves slightly in the euro area

29/11/2010

IP/10/1617 Brussels, 29 November 2010 Important notice: since May 2010 business surveys data are classified in accordance with an updated version of the Nomenclature of Economic Activities (NACE rev. 2) causing a potential break in series at this date. ...

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Statement by EU Commissioner for Economic and Monetary Affairs Olli REHN on the approval of 2011 Budget by the Portuguese Parliament

26/11/2010

MEMO/10/623 Brussels, 26 November 2010 I welcome the approval today by the Parliament of Portugal of the 2011 Budget. The budgetary strategy of Portugal is appropriate, with ambitious fiscal targets and broadly appropriate measures to reach the deficit ...

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26/11/2010

Statement by EU Commissioner for Economic and Monetary Affairs Olli REHN on the Irish 4-year recovery plan

I welcome the continued commitment of the Irish authorities to reducing the deficit to below 3% by 2014. The four-year fiscal plan is an important contribution to the stabilisation of Irish public finances.

The plan strikes a good balance of durable expenditure and revenue measures, with due regard to protecting the least well off. A 2011 budget involving a consolidation effort of €6 bn, would be appropriate, as it would strike a balance between allowing the nascent recovery to strengthen and addressing budgetary challenges in a timely fashion.

I welcome the structural reform commitments included in the plan. These policies encourage exports and a recovery of domestic demand. Implementation of the reforms will thus contribute to the authorities' ambitious fiscal adjustment strategy and a return to fiscal sustainability.

The plan is a sound basis for the negotiations on the fiscal and structural reforms of the policy programme underlying the international financial assistance that Ireland has requested to the EU and the IMF.

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Statement by EU Commissioner for Economic and Monetary Affairs Olli REHN on the Irish 4-year recovery plan

24/11/2010

MEMO/10/611 Brussels, 24 November 2010 I welcome the continued commitment of the Irish authorities to reducing the deficit to below 3% by 2014. The four-year fiscal plan is an important contribution to the stabilisation of Irish public finances....

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23/11/2010

Commissioner Rehn to Irish MEPs on 23 November 2010

"It is essential that Ireland will pass the budget in the time limit foreseen. It should certainly happen rather sooner than later. Every day that is lost increases uncertainty and the economic and social costs. That is why Ireland should adopt the budget as soon as possible. Let's get it out of the way and move on."

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Olli Rehn European Commissioner for Economic and Monetary Affairs Key economic policy challenges: learning the lessons, thinking ahead Arc 2010 Brussels, 22 November 2010

22/11/2010

SPEECH/10/667 Introduction Ladies and Gentlemen, Dear colleagues, It is a great pleasure to welcome all of you here in Brussels at our annual research conference. As a 'policy entrepreneur' myself, to use Paul Krugman's only slightly pejorative term, ...

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Olli Rehn European Commissioner for Economic and Monetary Affairs Key economic policy challenges: learning the lessons, thinking ahead Arc 2010 Brussels, 22 November 2010

22/11/2010

SPEECH/10/667 Introduction Ladies and Gentlemen, Dear colleagues, It is a great pleasure to welcome all of you here in Brussels at our annual research conference. As a 'policy entrepreneur' myself, to use Paul Krugman's only slightly pejorative term, ...

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November 2010: Flash Consumer Confidence Indicator

22/11/2010

IP/10/1539 Brussels, 22 November 2010 In November 2010, the DG ECFIN flash estimate of the consumer confidence indicator signalled a sizeable improvement in sentiment in the euro area (‑9.5 after -10.9 in October), while it increased marginally in the ...

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Preparation of Eurogroup and Economic and Finance Ministers Council, Brussels 16 and 17 November 2010

16/11/2010

MEMO/10/579 Brussels, 15 November 2010 EUROGROUP The Eurogroup meeting will start at 17h00 on Tuesday 16 November for a discussion on financial stability developments in the euro area. It will be attended by Commissioner for Economic and Monetary Affairs, ...

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16/11/2010

Eurogroup 16 November 2010

Today we discussed very important issues for financial stability and economic growth in Europe.

I told some of you this afternoon, very frankly, that I was concerned about the sometimes divisive tone in the debate of the last days. But this evening I was relieved to perceive the sense of unity and responsibility among the Finance Ministers, and their strong determination to safeguard the financial stability of the euro area. And indeed we need to act in unity. Every nation is responsible for its own economic sustainability, but we must collectively defend the financial stability of the EU as a whole when it is at stake. This is a time for cool heads and clear determination to take the necessary decisions.

In this context, I welcomed the clarification provided by 5 EU finance ministers last week in Seoul that any potential private sector involvement in a future permanent crisis resolution mechanism after 2013 does not apply to any outstanding debt nor to any EU-IMF programme under the current arrangements.

On our most pressing challenge today, Ireland, I expect the four-year fiscal plan to be presented soon and next year's budget to be convincing.

In this context, the Irish authorities are committed to working with the Commission, ECB and IMF, to determine the best way to provide any necessary support to address market risks, especially as regards the banking sector.

I welcome the clear will of the Eurogroup to take determined and coordinated action to safeguard the financial stability of the euro area, if needed. We have the necessary financial backstops to do so.

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Eleventh report on practical preparations for the euro: final countdown for Estonia

12/11/2010

IP/10/1503 Brussels, 12 November 2010 With only one and a half month to go before the introduction of the euro in Estonia, the Commission today assessed the state of its practical preparations for the changeover....

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Olli Rehn European Commissioner for Economic and Monetary Affairs Reinforcing EU Economic Governance: relevance for Ireland Institute for Inte

09/11/2010

SPEECH/10/632 Ladies and Gentlemen, Let me first thank you for the invitation to discuss the reinforcement of EU economic governance with you today. During my visit in Dublin I have already met with the political leaders, social partners and the Central ...

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Olli Rehn European Commissioner for Economic andOlli Rehn European Commissioner for Economic and Monetary Affairs Reinforcing EU Economic Governance: relevance for Ireland Institute for Inte

09/11/2010

SPEECH/10/632 Ladies and Gentlemen, Let me first thank you for the invitation to discuss the reinforcement of EU economic governance with you today. During my visit in Dublin I have already met with the political leaders, social partners and the Central ...

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Commission welcomes the renewed commitment by Irish authorities to put public finances on a sustainable path

04/11/2010

MEMO/10/543 Brussels, 4 November 2010 The Commission takes note of the "information note on the economic and budgetary outlook for 2011-14" published today by the Irish Department of Finance. The European Commissioner for Economic and Monetary Affairs, ...

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European Commission Staff Statement after a joint mission with the IMF and the World Bank to Romania

01/11/2010

IP/10/1456 Bucharest, 1 November 2010 A European Commission services mission to Romania concluded that, if the specified actions agreed with the authorities are taken, the conditions for the fourth disbursement of the EU Balance of Payments assistance ...

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