News - April 2010
Euro area unemployment rate at 11.2%
31/07/2012
The euro area (EA17) seasonally-adjusted unemployment rate was 11.2% in June 2012, stable compared with May. It was 10.0% in June 2011. The EU27 unemployment rate was 10.4% in June 2012, also stable compared with May. It was 9.5% in June 2011.
Euro area inflation estimated at 2.4%
31/07/2012
Euro area annual inflation is expected to be 2.4% in July 2012 according to a flash estimate issued by Eurostat, the statistical office of the European Union. It was also 2.4% in June.
July 2012: Economic sentiment declines in the EU and the euro area
30/07/2012
European Commission Press release Brussels, 30 July 2012 In July the Economic Sentiment Indicator (ESI) decreased by 1.4 points in the EU, to 89.0, and by 2.0 points in the euro area, to 87.9. The decline resulted from lower confidence in all sectors ...
July 2012: Business Climate Indicator continues its decrease
30/07/2012
European Commission Press release Brussels, 30 July 2012 In July 2012, the Business Climate Indicator (BCI) for the euro area decreased by 0.32 points to ‑1.27. The decline was driven by deteriorations in all five components....
Statement by President Barroso following his meeting with Mr Antonis Samaras, Prime Minister of Greece
27/07/2012
I have been unequivocal that the European Commission will stand by Greece. I am here as a friend of Greece. I have repeatedly stated that Greece can make it, together Greece and Europe will make it. Greece is part of the European family and the euro area and we intend to keep it that way.
Mission to Hungary starts the negotiations on financial assistance
27/07/2012
European Commission officials, International Monetary Fund staff and observers from the ECB, conducted a joint mission to Hungary from 17 to 25 July. It held a useful first exchange of views on recent developments and policy initiatives and on policies that the EU and the IMF could support under a possible precautionary programme, also with a view to Country Specific Recommendations issued under the European Semester in July.
Statement by the President of the Eurogroup on Moody's ratings 
24/07/2012
We take note of the rating decision of Moody's which confirms the very strong rating enjoyed by a number of euro area Member States, as supported by the sound fundamentals which these and other euro area countries continue to enjoy. Against this background, we reiterate our strong commitment to ensure the stability of the euro area as a whole.
July 2012: Flash Consumer Confidence Indicator
23/07/2012
European Commission Press release Brussels, 23 July 2012 In July 2012, the DG ECFIN flash estimate of the consumer confidence indicator decreased in the EU (to -20.3 after -19.7 in June 2012) and, more sharply, in the euro area (to -21....
Euro area government debt up to 88.2% of GDP
23/07/2012
At the end of the first quarter of 2012, the government debt to GDP ratio in the euro area (EA17) stood at 88.2%, compared with 87.3% at the end of the fourth quarter of 2011. In the EU27 the ratio increased from 82.5% to 83.4%. Compared with the first quarter of 2011, the government debt to GDP ratio rose in both the euro area (from 86.2% to 88.2%) and the EU27 (from 80.4% to 83.4%).
Statement by the Eurogroup on financial assistance for the recapitalisation of financial institutions in Spain
20/07/2012
The Eurogroup agreed that the Fund for Orderly Bank Restructuring (F.R.O.B.), acting as agent of the Spanish government, will receive the funds and channel them to the financial institutions concerned. The Spanish government will retain full responsibility for the financial assistance.
Eurogroup's agreement on the sectoral programme for Spain
20/07/2012
Today's unanimous endorsement by the Eurogroup of the sectoral programme for Spain opens the way to the necessary recapitalisation and repair of the country's financial sector. The aim of this programme is very clear: to provide Spain with healthy, effectively regulated and rigorously supervised banks, capable of nurturing sustainable economic growth.
>> Memorandum of Understanding on Financial-Sector Policy Conditionality
Statement by Vice President Rehn following the Eurogroup's agreement on the sectoral programme for Spain
20/07/2012
European Commission MEMO Brussels, 20 July 2012 Today's unanimous endorsement by the Eurogroup of the sectoral programme for Spain opens the way to the necessary recapitalisation and repair of the country's financial sector....
Vienna Initiative adopts mission statement, sets its objectives
20/07/2012
Initiative sees renewed deleveraging in Q2; is set to discuss cross-border supervisory practices in September
Statement by Vice President Rehn following the Eurogroup's agreement on the sectoral programme for Spain
20/07/2012
Today's unanimous endorsement by the Eurogroup of the sectoral programme for Spain opens the way to the necessary recapitalisation and repair of the country's financial sector. The aim of this programme is very clear: to provide Spain with healthy, effectively regulated and rigorously supervised banks, capable of nurturing sustainable economic growth.
EU27 current account deficit 4.1 bn euro
19/07/2012
According to the latest available data, the EU27 external current account recorded a deficit of 4.1 billion euro in the first quarter of 2012, compared with a deficit of 31.3 bn in the first quarter of 2011.
Production in construction up by 0.1% in euro area
18/07/2012
In the construction sector, seasonally adjusted production rose by 0.1% in the euro area (EA17) and by 1.6% in the EU27 in May 2012, compared with the previous month. In April 2012, production decreased by 3.7% and 6.9% respectively.
2012 Report on Public Finances in EMU – ongoing consolidation and reforms of the EU's fiscal governance
18/07/2012
The 2012 Report on Public Finances in EMU presents recent budgetary developments, reports developments in budgetary surveillance, proposes an analysis of the effect of fiscal multipliers on the possibility of self-defeating fiscal consolidations and shows the relevance of fiscal frameworks for budgetary outcomes at the sub-national level in the EU.
Euro area international trade in goods surplus of 6.9 bn euro
16/07/2012
The first estimate for the euro area (EA17) trade in goods balance with the rest of the world in May 2012 gave a 6.9 bn euro surplus, compared with -1.2 bn in May 2011. The April 2012 balance was +3.7 bn, compared with -4.5 bn in April 2011. In May 2012 compared with April 2012, seasonally adjusted exports rose by 0.3% while imports fell by 0.9%.
Euro area annual inflation stable at 2.4%
16/07/2012
Euro area annual inflation was 2.4% in June 2012, unchanged compared with May. A year earlier the rate was 2.7%. Monthly inflation was -0.1% in June 2012.
Commission issues fourth review of economic adjustment programme for Portugal
16/07/2012
Staff from the European Commission, the ECB and the IMF met the Portuguese authorities in Lisbon between 22 May and 4 June. Their report found that:
- Economic activity has proven to be more resilient than projected in the last review but unemployment has risen faster than expected and is now estimated to reach 15.4% on average in 2012;
- A general government deficit of 4.5% of GDP in 2012 remains within reach, but budgetary risks have increased;
- Further progress has been made with reforms to raise the long-term growth potential of the economy, but more determination is needed to push through reforms in areas that touch on sensitive political and vested interests.
Statement by the EC, ECB, and IMF on the Review Mission to Ireland
12/07/2012
Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) visited Dublin during 3-12 July for the seventh review of the government’s economic programme. Ireland’s policy implementation remains on track despite challenging macroeconomic conditions.
Statement by the EC, ECB, and IMF on the Review Mission to Ireland
12/07/2012
Commission européenne MEMO Bruxelles, 12 juillet 2012 Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) visited Dublin during 3-12 July for the seventh review of the government’s economic ...
Industrial production up by 0.6% in euro area
12/07/2012
In May 2012 compared with April 2012, seasonally adjusted industrial production grew by 0.6% in the euro area (EA17) and by 0.5% in the EU27. In April production decreased by 1.1% and 0.7% respectively.
EU citizens living in another Member State accounted for 2.5% of the EU population in 2011
11/07/2012
In 2011, 33.3 million foreign citizens lived in the EU27 Member States, accounting for 6.6% of the EU27 population. This foreign population comprised 12.8 million EU citizens living in another Member State, i.e. 2.5% of the EU27 population, and 20.5 million non EU citizens, i.e. 4.1% of the EU27 population.
Spain is given an extra year to correct its deficit
10/07/2012
The Council today issued a revised recommendation on measures to be taken by Spain to correct its government deficit, giving it an extra year to do so on account of adverse economic circumstances.
Council approves project bond pilot phase
10/07/2012
The Council today adopted a regulation launching the 2012-2013 pilot phase of the EU project bonds initiative aimed at mobilising up to EUR 4.5 billion in private sector financing for key strategic infrastructure projects (PE-COS 27/12).
Council issues country-specific recommendations
10/07/2012
The Council today issued recommendations to all 27 member states on the economic policies set out in their national reform programmes, and opinions on the fiscal policies presented in their stability and convergence programmes (11296/3/12 REV 3).
Vice-President Rehn's remarks at Eurogroup
10/07/2012
The Commission will come forward with legislative proposals for the creation of a Single Supervisory Mechanism for banks in the euro area, involving the ECB. We will present our proposal early September in order to allow for the Council to consider these as a matter of urgency by the end of the year – as decided, requested, insisted by the Euro Area Summit.
Olli REHN Vice-President of the European Commission and member of the Commission responsible for Economic and Monetary Affairs and the Euro Vice-President Rehn's remarks at the Eurogroup ...
10/07/2012
Commission européenne I would like to start by underlining the importance of the decisions taken at the Euro Area Summit on 29 June. We made significant progress tonight in taking those decisions forward in concrete terms: First of all, I confirmed today ...
Olli REHN Vice-President of the European Commission and member of the Commission responsible for Economic and Monetary Affairs and the Euro Vice-President Rehn's remarks at the Eurogroup ...
10/07/2012
Commission européenne I would like to start by underlining the importance of the decisions taken at the Euro Area Summit on 29 June. We made significant progress tonight in taking those decisions forward in concrete terms: First of all, I confirmed today ...
Eurogroup Statement on the follow-up of the 29 June Euro Summit
10/07/2012
The statement covers the use of the EFSF and ESM, and updates on the programme countries
Olli REHN Vice-President of the European Commission and member of the Commission responsible for Economic and Monetary Affairs and the Euro Vice-President Rehn's remarks at the ECOFIN pre...
10/07/2012
Commission européenne First of all, I welcome the Council's adoption of a revised recommendation for Spain to correct its excessive deficit by 2014. This means that this year's target will be 6.3% fiscal deficit for Spain, leading then in 2014 to 2....
Eurogroup and ECOFIN
10/07/2012
I would like to start by underlining the importance of the decisions taken at the Euro Area Summit on 29 June. We made significant progress tonight in taking those decisions forward in concrete terms.
>> ECOFIN Council: press conferenceEuropean Parliament and Monetary Affairs Committee Economic - 9 and 10 June 2102
09/07/2012
The meeting includes:
Monetary dialogue with Mario Draghi, President of the ECB
Discussion with Michel Barnier, Commission for Internal Market and Services
Economic dialogue on Cyprus' Country Specific Recommendations, with Vassos Shiarly, Cypriot finance minister
Documents:
agenda background documents
Statement by President Barroso at the joint press conference with Demetris Christofias, President of Cyprus, on the visit of the College of Commissioners to Nicosia Press conference
09/07/2012
"I would like to begin by thanking President Christofias for the very warm welcome he and his government have extended to the Commission, only three days after the President and I met at the European Parliament in Strasbourg. We are all delighted, myself and my colleagues from the Commission, to be here in Cyprus enjoying the great Cypriot hospitality! I would like also to thank you for your extremely kind words. They are additional evidence of our friendship, something that I very much value."
Preparation of Eurogroup and Economic and Finance Ministers Council, Brussels, 9-10 July 2012
09/07/2012
The Eurogroup meeting will start on Monday, 9 July at 17.00. The European Commission will be represented by Olli Rehn, Vice-President and Commissioner for Economic and Monetary Affairs and the Euro. A press conference is expected to take place after the meeting.
Preparation of Eurogroup and Economic and Finance Ministers Council, Brussels, 9-10 July 2012
06/07/2012
European Commission MEMO Brussels, 6 July 2012 EUROGROUP, 9 July The Eurogroup meeting will start on Monday, 9 July at 17.00. The European Commission will be represented by Olli Rehn, Vice-President and Commissioner for Economic and Monetary Affairs and ...
Quarterly report on the euro area
06/07/2012
The Quarterly Report series features concise research by European Commission staff on economic and financial topics relating to the euro area.
President Barroso and Vice-President Rehn welcome the European Parliament's final vote on Project Bonds
05/07/2012
European Commission MEMO Brussels, 5 July 2012 President Barroso and Vice-President Rehn have welcomed today's European Parliament vote on the European Commission proposal for a Project Bonds Initiative....
Europe 2020 Project Bond Initiative: Frequently asked questions
05/07/2012
European Commission MEMO Brussels, 5 July 2012 On 5 July 2012, the European Parliament adopted the proposal for a pilot phase of the Project Bond Initiative. Last October, the European Commission proposed the creation of project bonds for infrastructure ...
President Barroso and Vice-President Rehn welcome the European Parliament's final vote on Project Bonds
05/07/2012
President Barroso and Vice-President Rehn have welcomed today's European Parliament vote on the European Commission proposal for a Project Bonds Initiative.
President Barroso and Vice-President Rehn welcome the European Parliament's final vote on Project Bonds
05/07/2012
President Barroso and Vice-President Rehn have welcomed today's European Parliament vote on the European Commission proposal for a Project Bonds Initiative. The President said: "With the European Parliament’s final vote, the project bonds now become reality. €4.6bn will be available between now and the end of 2013 to finance concrete infrastructures for energy, transport and broadband. Together with the other elements of the Growth and Jobs Compact agreed by last week European Council, we have now concrete instruments to boost our economy and invest in our future. It is very positive that Member States and Parliament have agreed on this key Commission’s proposal in less than 10 months. The Commission has proposed to extend this pilot phase for 2014-2020 with a €50bn budget."
Regional unemployment rates in 2011 ranged from 2.5% in Salzburg and Tirol to 30.4% in Andalucia
04/07/2012
Regional unemployment rates varied widely across the 271 NUTS 2 regions of the EU27 in 2011, with the lowest rates recorded in the regions of Tirol and Salzburg (both 2.5%) in Austria, Zeeland (2.7%) in the Netherlands and Oberbayern (2.8%), Niederbayern (2.9%) and Freiburg (3.0%) in Germany, while the highest rates were registered in the regions of Andalucía (30.4%) and Canarias (29.7%) in Spain and the French Overseas Department of Réunion (29.6%).
Volume of retail trade up by 0.6% in both euro area and EU27
04/07/2012
In May 2012 compared with April 2012, the volume of retail trade rose by 0.6% in both the euro area (EA17) and the EU27. In April retail trade fell by 1.4% in both zones.
Industrial producer prices down by 0.5% in euro area
03/07/2012
In May 2012, compared with April 2012, the industrial producer price index fell by 0.5% in the euro area (EA17) and by 0.7% in the EU27. In April prices rose by 0.1% in the euro area and remained stable in the EU27.
Euro area unemployment rate at 11.1%
02/07/2012
The euro area (EA17) seasonally-adjusted unemployment rate was 11.1% in May 2012, compared with 11.0% in April. It was 10.0% in May 2011. The EU27 unemployment rate was 10.3% in May 2012, compared with 10.2% in April. It was 9.5% in May 2011.
