UUTISET


Smooth euro changeover in Latvia

06/01/2014

Already two-thirds of cash payments in shops were made in euro only on the fourth changeover day (Saturday 4 January).

Virtually all customers (95 %) were also getting their change in euro.


A successful start for the euro changeover in Latvia

03/01/2014

By the end of Thursday, 2 January 30 % of payments in shops were made in euro only and 94 % of customers were getting their change in euro.


Latvia becomes the 18th Member State to adopt the euro

31/12/2013

"I want to very warmly welcome Latvia to the euro. Your efforts have paid off and your country's strong economic recovery offers a clear message of encouragement to other European countries undergoing a difficult economic adjustment. Joining the euro marks the completion of Latvia's journey back to the political and economic heart of our continent, and that is something for all of us to celebrate."


Speech by VP Rehn at the European Parliament debate on the 2012 European Central Bank annual report

12/12/2013

"President, Honourable Members,

One issue critical to opening up the bottlenecks of growth in Europe is access to finance of SMEs.

We have worked hard to put together a truly bold initiative to counter the fragmentation of financial markets and reduce the borrowing costs of European SMEs, because there is no economic growth without credit growth."


Statement by Vice President Rehn on the publication of results of stress tests of Slovenian banks

12/12/2013

I welcome today’s publication of the independent assessment of the health and resilience of the Slovenian banking sector. This was identified by the Council as an urgent priority in order for Slovenia to address its excessive macroeconomic imbalances.


09/12/2013

"Let me say that we very broadly agree with the IMF’s assessment of the recent developments and challenges facing the euro area, which we discussed this evening. I note the Fund’s conclusion that policy actions in the euro area and at national level have set the stage for the recovery. And I very much concur with the IMF that the challenge now is to move beyond stabilisation and secure a strong and durable economic recovery. This means staying the course of economic reform and completing the reconstruction of the Eurozone."


The recovery of the European economy

04/12/2013

"I believe in evolution instead of revolution. I believe Progressives are indeed needed to modernise Europe's economic and social model. Not nostalgically clinging to the status quo, since that would only lead to a permanent economic decline of Europe.
Not dismantling the European model, because we believe in the combination of entrepreneurial drive, stability culture and social justice.
But instead, genuinely reforming and modernising Europe's economies and societies for the sake of sustainable growth and job creation, and for the sake of future generations.
Thank you very much for your attention."


03/12/2013

"The signs of an economic turnaround are increasing week by week. But as growth will pick up only gradually and its translation into much needed jobs will take time, we cannot and must not fall into any kind of complacency. Further decisive action to boost sustainable growth and job creation will continue to be necessary in Europe. This calls for staying the course of reform."


25/11/2013

Last week in the European Parliament I had the opportunity to participate in a very important debate, which combined two issues close to my heart: human rights and football. Human rights are at the core of the European Union; our cooperation is firmly based on shared values and respect for fundamental rights. And football is an essential element of the contemporary European culture and way of life.


21/11/2013


Remarks by Vice-President Rehn at the Press Conference on the Autumn Fiscal Package 2013

15/11/2013

"Today's package marks a milestone in Europe's reinforced economic governance. The last few years have seen big improvements in the EU's economic governance. We have introduced a coherent annual cycle of budgetary policy and structural policy in Europe, with more integrated steps for the euro area."


Vice President Olli Rehn press conference on the budgetary surveillance package pdf - 555 KB [555 KB]

15/11/2013

"With our opinions on national budgetary plans, we support the euro area Member States in their pursuit of stronger growth and fiscal sustainability."


14/11/2013

"Today is a good day for Ireland and the Irish people. It provides clear evidence that determined implementation of a comprehensive reform agenda can decisively turn around a country's economic fortunes and put it back on a path of sustainable growth and rising employment."


Launch of the European Semester 2014: the EU's economic policy calendar

13/11/2013

"Today's package is all about growth, about building a strong and sustainable recovery, especially in terms of employment. In this context, the Alert Mechanism Report is a very important tool for advancing the necessary reforms. Through this tool, we identify those Member States that merit a closer analysis to find out whether they are experiencing macroeconomic imbalances which could hinder growth both within and beyond their borders."


Autumn Forecasts: Gradual recovery, external risks pdf - 307 KB [307 KB] English (en)

05/11/2013

Growth map 2014 presented by Vice President Rehn


Autumn Forecasts: Gradual recovery, external risks

05/11/2013

Speech by Vice-President Olli Rehn "Autumn Forecasts: Gradual recovery, external risks" at the Press Conference on the Autumn Economic Forecasts in Brussels.


Citizens' Dialogue in Tallinn video

22/10/2013

Siim Kallas, Vice-President of the EC in charge of Transports, and Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, went to Tallinn where they participated to the debate on the Future of Europe


VP Rehn replies at EG press conference, 14 Oct 2014

14/10/2013

It is too early at this stage to quote any exact figure. The issue of the fiscal gap will be dealt with in the context of the mission which is ongoing for the moment. It is essential that GR meets its commitments, in other words, will stick to its fiscal targets and ensure that there will be a sustained primary fiscal surplus, which is a necessary condition of addressing the issue of debt sustainability further down the road.


Building Europe’s recovery, rebuilding its monetary union

01/10/2013

"We must continue reforming the European economic and social model. Not nostalgically clinging to the status quo, since that would only lead to a permanent economic decline of Europe. Not dismantling the European model, because we believe in the combination of a stability culture, entrepreneurial drive and social justice. But instead, genuinely reforming and modernising Europe’s social market economy, for the sake of sustainable growth and job creation."


Point presse du Vice-Président Olli Rehn et de M. Pierre Moscovici, Ministre de l'Economie et des Finances français

29/09/2013

"Un mot sur le débat public en France, que je suis attentivement. Je sais qu'il y a souvent des interrogations, voire des critiques, à propos de la nouvelle gouvernance économique européenne.
Je voudrais vous rassurer. Le rôle de la Commission n'est autre que de veiller à ce que les engagements pris par les Etats avec leurs pairs soient tenus.
Ce suivi est un gage de crédibilité pour les Etats qui, comme la France, s'engagent résolument dans la voie de réformes économiques pour la croissance et l'emploi et pour une gestion plus saine des comptes publics."


Speech by Vice-President Rehn at the Italian Parliament

19/09/2013

"I am aware that one of my countrymen has featured prominently in the Italian news in recent days. I hope that the signing of Kimi Räikkönen by Ferrari will be an inspirational move not only for Ferrari but also for Italy as a whole. But let’s be clear: talent alone will not be sufficient. Ferrari, like Italy, has always stood for tradition, style and quality craftsmanship. But in order to win on the global growth racetrack you need to design the most competitive engine and stay ready to change and adapt."


Remarks by Vice-President Olli Rehn at the Eurogroup press conference

13/09/2013

Remarks by Vice-President Olli Rehn at the Eurogroup press conference 

I am very glad to be back in Vilnius. Yesterday, I was at a conference in Riga with Mario Draghi and other colleagues, preparing the ground for the euro adoption of Latvia on 1st January 2014. Maybe next year we will have the same kind of conference in Vilnius. Of course, that will depend on whether Lithuania will be able to meet the well-known conditions of acceding to the Eurozone. As a long-time supporter of the integration of Baltic States to Europe, I am glad to note that these countries, Estonia, Latvia and Lithuania, have recovered well from the crisis and are growing robustly. I believe that this is a testimony to the enlargement of the European Union as a force of peaceful economic and democratic transformation of our continent.


Recovery is within reach

14/08/2013

« Do nothing in haste, look well to each step, and from the beginning think what may be the end. » (Edward Whymper, 1840-1911, legendary English mountaineer)

Over the summer, a potential turning point in the EU economy has been in the making, though still fragile. Add today’s quarterly GDP figures to other recent positive survey data and you will find reasonable evidence suggesting the European economy is gradually gaining momentum.


Remarks by Vice-President Olli Rehn at the Eurogroup press conference

08/07/2013

"This week, the Commission will move to put in place the next building block of the banking union with our proposal for a Single Resolution Mechanism, in fact on Wednesday. It will be a well-grounded and ambitious proposal, because this is a big challenge and it demands a bold response. I hope that Member States will show a similar level of ambition as discussions on this move forward in the coming months."


Rencontres Economiques d'Aix-en-Provence pdf - 49 KB [49 KB] English (en)

05/07/2013

5-7 Juillet 2013 - Université d'Aix-Marseille

" la BCE a clairement indiqué jeudi que la politique monétaire restera accommodante aussi longtemps que cela sera nécessaire afin de préserver la reprise économique. Cela implique une divergence justifiée avec l'action américaine en raison des différents cycles économiques. Alors qu'aux Etats-Unis l'orientation de la politique peut devenir plus restrictive, dans l'UE, l'orientation de la politique demeure, à juste titre accommodante."


Germany: Wachstum durch Wandel

04/07/2013

Fourteen years ago, The Economist wrote of Germany: “As economic growth stalls yet again, the country is being branded the sick man (or even the Japan) of Europe.”

Commission favours margins for public investment for growth in full respect of Stability and Growth Pact pdf - 156 KB [156 KB] English (en)

03/07/2013

Vice President Rehn has written to EU finance ministers to explain how the Commission will consider allowing Member States to deviate temporarily from the structural deficit path towards their medium-term budgetary objectives.


Remarks by Vice-President Olli Rehn at the Eurogroup press conference in Luxembourg

01/07/2013

"I want to welcome Latvia as it has deserved this by doing an impressive economic turnaround over the last couple of years and achieved sustainable economic convergence with the euro area."


Audition à l’Assemblée nationale pdf - 23 KB [23 KB] français (fr)

18/06/2013

"les rôles respectifs du parlement européen et des parlements nationaux sont spécifiques et complémentaires. Dans le contexte d'une plus grande intégration des politiques budgétaires et économiques, de nouveaux mécanismes permettant d'accroître le niveau de coopération entre les parlements européen et nationaux doivent être explorés. Il appartient d’abord au Parlement européen et aux parlements nationaux de déterminer les modalités précises d'une telle coopération. Les parlements nationaux jouent un rôle clé pour assurer la légitimité de l'action des Etats membres au sein du Conseil européen. Et ils sont et resteront des acteurs centraux dans la conduite des politiques nationales budgétaires et économiques."


Olli Rehn's blog - A decisive step for Latvia and its people

09/06/2013

While the final decision on Latvia’s entry to the euro area will only be taken by EU finance ministers in July, after the European Parliament has given its opinion and the EU leaders have discussed the subject at their summit meeting on 28-29 June, the Commission’s announcement is a decisive step for Latvia to join the euro.


EU:s roll i världen pdf - 32 KB [32 KB] svenska (sv)

07/06/2013

"De gemensamma liberala värden som Europa bygger på är fortfarande den röda tråden i det europeiska samarbetet. Vår värdegrund är basen för våra välfärdssamhällen. Det är de här värdena som vi också i fortsättningen ska främja i förhållande till övriga världen. Men för att vi ska kunna göra det på ett trovärdigt sätt, måste vi komma över den ekonomiska krisen och få Europa tillbaka på fötterna."


Social pillar of the of EMU – Commission statement in the European Parliament

22/05/2013

"More can be done with regard to an effective allocation of available financial instruments at EU level to help alleviating the social distress in countries undergoing difficult adjustment processes in EMU. In this respect, ensuring an adequate share of ESF funds to be devoted to tackling poverty and social exclusion would also benefit EMU".


Olli Rehn's blog - Reflections from Buckinghamshire

14/05/2013

I am just back from the UK, where the Chancellor of the Exchequer, George Osborne, and Bank of England Governor, Sir Mervyn King, hosted a meeting of the G7 Finance Ministers and Central Bank Governors in the beautiful and historic setting of Hartwell House in Buckinghamshire. Growth and jobs were obviously at centre stage.


Economic Dialogue on financial assistance to Cyprus

08/05/2013

The programme was agreed in March and the first disbursement is expected by mid-May. It will enable Cyprus to avoid a disorderly default which would have had dramatic ramifications for the Cypriot people.


07/05/2013

Keynote speech by Olli REHN, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro


Olli Rehn's blog

26/04/2013

"Welcome to my Blog where I will be sharing my views about the European economy and Europe in general."


Speaking points by VP Rehn on the in-depth reviews of macroeconomic imbalances in 13 member States

10/04/2013

Our transformed economic governance enables us to address macroeconomic imbalances pre-emptively and to create the foundations for sustainable growth. Decisive policy action by Member States and at EU-level is helping to rebalance the European economy. (Video)


08/04/2013

The European Commission welcomes that, following the decision of the Portuguese Constitutional Court on the 2013 state budget, the Portuguese Government has confirmed its commitment to the adjustment programme, including its fiscal targets and timeline. Any departure from the programme's objectives, or their re-negotiation, would in fact neutralise the efforts already made and achieved by the Portuguese citizens, namely the growing investor confidence in Portugal, and prolong the difficulties from the adjustment


Statement of the Eurogroup President on Cyprus

22/03/2013

The Eurogroup held a teleconference to take stock of the developments in Cyprus.

The Eurogroup stands ready to discuss with the Cypriot authorities a draft new proposal, which it expects the Cyprus authorities to present as rapidly as possible.


European Commission statement on Cyprus

20/03/2013

"Since the autumn of 2011, the possibility of assistance to Cyprus under a programme has been under discussion by the Cypriot authorities with the Commission. In July 2012, Cyprus formally asked for assistance under a programme. The need for assistance comes essentially from problems in the Cypriot banking sector which was unsustainably large for the size of the Cypriot economy. However, it was not possible to conclude negotiations on a programme with the previous Cypriot government."


Statement by Vice President Rehn on the seventh review mission to Portugal

20/03/2013

"The determined implementation of Portugal’s economic adjustment programme is continuing. Structural reforms have led to a substantial improvement in competitiveness and this will be further enhanced by the recent agreement on severance pay, the strengthening of the framework for regulators and measures to boost competition in services."


Declaration by Vice President Rehn on behalf of the European Commission on the occasion of the European Parliament’s plenary vote on the Two-Pack

13/03/2013

Once legislation proposed by the Commission on the two-pack is adopted, the Commission intends to take steps in the short-term towards a deep and genuine EMU as outlined in the blueprint.


Remarks by Vice-President Olli Rehn at the Eurogroup press conference

04/03/2013

The agreement reached with the Cypriot authorities to proceed with an independent and bank-specific audit of the implementation of Cyprus’ anti-money laundering framework is an important step forward. In our view, this review is the most convincing means of effectively addressing persistent concerns about the rigorous implementation of this framework.


The future evolution of the Economic and Monetary Union

28/02/2013

Dublin, 25 February 2013

"The challenges ahead of us will not be resolved without hard work and serious efforts. There is no time for complacency. In the end, what we want to achieve with all of this is a competitive and inclusive economy that enables us to achieve sustainable growth and job creation, while maintaining our social model and ensuring a sustained rise in welfare. This requires an institutional set-up that supports these objectives. That's why rebuilding of the EMU is essential for our long-term welfare and for the sake of sustainable growth and job creation."


Winter forecast 2013 - The EU economy: gradually overcoming headwinds English (en)

22/02/2013

"The current situation can be summarised like this: we have disappointing hard data from the end of last year, some more encouraging soft data in the recent past, and growing investor confidence in the future."


22/02/2013

"Once legislation proposed by the Commission on the two-pack is adopted, the Commission intends to take steps in the short-term towards a deep and genuine EMU as outlined in the blueprint."


Lessons learnt the hard way: The euro area, post-crisis pdf - 68 KB [68 KB] English (en)

15/02/2013

(Speech at IIF-G20 Conference, Moscow) In line with the G20 agenda, we need to keep focus on boosting productive investment, both public and private. As the financial sector is still not functioning as it should, public banks play an important role here. The EU Member States have now approved an increase in the paid-in capital of the European Investment Bank by 10 billion euro, at the initiative of the Commission.


Letter from Vice President Rehn to ECOFIN ministers on fiscal policies and growth in Europe pdf - 334 KB [334 KB] English (en)

13/02/2013

Vice President Rehn on 13 February sent a letter to EU finance ministers to share with them in writing some reflections on issues related to fiscal policies and growth, following a discussion on these matters at their meeting the previous day.


Statement by Vice-President Rehn on the conclusion of the ninth review mission to Ireland

07/02/2013

I welcome today's successful conclusion of the ninth review mission to Ireland. The mission has found that the programme remains on track and that the budgetary targets for 2012 look set to be comfortably met.


Statement by Vice President Rehn following the second review mission of the Spanish financial sector programme

04/02/2013

The successful conclusion of the second review mission to Spain shows that the repair and reform of the Spanish financial sector is proceeding apace. Bank recapitalisation and restructuring is underway, and the asset management company SAREB is up and running.


Speaking points by Vice-President Olli Rehn at the Press Conference with Minister De Guindos

29/01/2013

"We have seen important progress in Spain towards a more sustainable growth model and it is important that long-standing obstacles to growth and competitiveness are being removed. For instance, the labour market reform has been moving forward and now it needs to be complemented with policies to help the unemployed find new work or training opportunities."

Speech by Vice-President Olli Rehn "Growth and jobs and the role of social partners in Europe" at the ETUC 40th anniversary conference in Madrid

28/01/2013

"The figures speak for themselves: between 2000 and 2011, altogether 2.5 million manufacturing jobs were lost in Germany, France, Italy and Spain. (570,000 in Germany, 750,000 in France, 370,000 in Italy and 750,000 in Spain). When you add to this picture the high debt levels, the rapid population ageing and the fact that no less than 52% of social spending of the whole world today takes place in Europe, you get the picture of the burden that the European productive economy has to carry in order to sustain our social model – our way of living. "


Vice-President Rehn's remarks at the Eurogroup Press Conference

22/01/2013

"I am looking forward to working with you Jeroen, over the coming two years, when many more important decisions will have to be taken, in order to help steer the euro area from stabilisation to sustained recovery, and to take forward the rebuilding of our Economic and Monetary Union."


Speech VP Rehn. "Reforming Europe, beating the crisis"

11/01/2013

"Our patient may be out of intensive care, but it will still take some time before she can be given a clean bill of health. That's why any lapse into complacency would be unforgiveable. We need to stay the reform course to revitalise the European economy."


Vice President Rehn's remarks at the Eurogroup Press Conference

11/12/2012

On Greece, I will also refrain from commenting in any way on the debt buyback operation underway until the results have been announced by the Greek authorities.

On Cyprus, good progress has been made in our discussions with the Cypriot authorities. The convergence reached on the policies to strengthen public finances, to repair and reform the financial system and enhance competitiveness, represents a necessary step towards agreement on an economic reform programme. I look forward to a timely conclusion of the remaining outstanding aspects once we have the results of the due-diligence exercise for banks currently underway in Cyprus


Vice-President Rehn's remarks at the Eurogroup Press Conference

27/11/2012

Today's political agreement removes the uncertainty that has been hanging over Greece for too long, holding back confidence, investment and growth. For the eurozone this was a real test of our credibility, of our ability to take decisions on the most challenging of issues. And it was a test that we could simply not afford to fail. When you read the statement, you can see that there is a very clear commitment to reduce the debt burden of Greece by 20 percentage points by 2020 and I would like to especially draw your attention to two or three elements that Jean-Claude Juncker mentioned.


There's light at the end of the tunnel for Ireland English (en)

26/11/2012

'There has been an impressive recovery in Irish exports on the back of a strong rebound in competitiveness that was lost in the bubble years.

With the recent two-year anniversary of Ireland's EU-IMF programme, it is a good time to take stock. It is no exaggeration to say that, in November 2010, Ireland stood at the edge of a precipice. The country was in the midst of a very deep recession, tax revenues had plummeted and confidence in the financial system had evaporated.


Statement by Vice President Rehn in the European Parliament on Greece

22/11/2012

At the beginning of this week a staff-level agreement was reached between the EU-IMF Troika and the Greek authorities on an updated set of programme conditionality.

The long meeting of the Eurogroup on Tuesday night saw substantial progress towards an agreement on Greece, even if a definitive conclusion ultimately proved elusive.

Importantly, the Eurogroup recognised that the Greek authorities have successfully implemented the full set of prior actions agreed with the Troika. This is the result of a very considerable effort on their part. On the fiscal side, these include the adoption of measures totalling some €13.5 billion or 7% of GDP.


Statement by the EC, ECB, and IMF on the Sixth Review Mission to Portugal

19/11/2012

Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) visited Lisbon during November 12 - 19 for the sixth quarterly review of Portugal’s economic programme. The teams concluded that the programme remains broadly on track.

  • Speaking about the review, Commission Vice-President Rehn said: "the reforms underway are laying the ground for sustainable growth and job creation and the Commission will continue to stand by Portugal as it sees these reforms through." More...

CEPI – CEOs Forum Meeting/Brussels - 14 November 2012

15/11/2012

"We live in a dual world. On the one hand, we must continue crisis management to overcome the challenges affecting the current economic situation. On the other hand, we must also work for improving the medium to long-term prospects for Europe – especially in terms of economic growth and employment, but also in terms of our economic policy architecture. These two things are closely intertwined."


Statement by Vice President Rehn on Spain's compliance with the Council EDP Recommendation

14/11/2012

Mr Rehn said "our conclusion is that Spain has taken effective action for 2012 and 2013. Thus, I have proposed yesterday to the College, and the College has adopted today a Communication concluding that effective action has been taken for these two years, 2012 and 2013, in restoring the sustainability of public finances. We send this Communication now to the Council for its deliberations and for its decisions.
 
The Commission's view is that no further steps in the excessive deficit procedure of Spain are needed at present.
However, the measures announced so far for 2014 fall short of what is required by the revised Council recommendation"

Vice-President Rehn's remarks on Greece at the Eurogroup Press Conference

13/11/2012

Praising the progress made in fiscal and structural reforms, Mr Rehn said that 'it is right and necessary to recognise how far Greece has come in terms of fiscal reforms, and in the most of trying of circumstances for the Greek people.


Autumn economic forecast: sailing through rough waters English (en)

07/11/2012

The short-term outlook for the EU economy remains fragile, but a gradual return to GDP growth is projected for 2013, with further strengthening in 2014.

On an annual basis, GDP is set to contract by 0.3% in the EU and 0.4% in the euro area in 2012. GDP growth for 2013 is projected at 0.4% in the EU and 0.1% in the euro area. Unemployment in the EU is expected to remain very high.

Press release


Statement by Vice President Rehn following on the conclusion of the first review mission for the Spanish financial sector programme English (en)

26/10/2012

I warmly welcome today's positive assessment of the implementation of the Spanish financial sector programme. This is another step towards the thorough repair and reform of the banking system in Spain, which is in turn an essential building block for a return of investor and consumer confidence.


Statement by Vice President Rehn on the conclusion of the eighth review mission to Ireland

25/10/2012

Mr Rehn said: "Ireland has made great progress under the programme, after several years of painful adjustment by the Irish people. Many essential reforms have been implemented that can help the Irish economy to recover competitiveness, restore sustainability to public finances and lay the foundations for a return to job-rich growth. Despite this, unemployment remains unacceptably high, especially among the young, and tackling it remains a top priority."


ECMI Annual Conference - Rebalancing Europe, rebuilding the EMU English (en)

18/10/2012

ECMI Annual Conference - Rebalancing Europe, rebuilding the EMU Brussels,18/10/2012

"Can we attribute worse-than-expected economic situations in some countries just to the effects of fiscal consolidation? We should ask whether worse-than-expected recessions in certain countries can be attributed only, or even mainly, to the effects of fiscal consolidation. Other factors have played a role in each slowdown. In some countries, it has been due to a fall in consumer and investor confidence." More


The foundations for growth in the EU pdf - 19 KB [19 KB]

16/10/2012

"A casual reader of much recent commentary could be forgiven for believing that European governments are blindly enacting harsh policies of austerity, under the watchful eye of a European Commission obsessed with the enforcement of arbitrarily chosen nominal deficit targets. It is time to debunk this damaging myth. The European Union's Stability and Growth Pact can adapt a country's agreed fiscal adjustment path if called for by the economic situation ."


Vice-President Rehn's remarks at joint press conference with Minister De Guindos

01/10/2012

I have had very useful and substantive discussions today with Prime Minister Rajoy, Bank of Spain Governor Linde and Minister De Guindos. We have discussed the Spanish and European economic situation.

Let me begin by saying that I am well aware how difficult the present moment is for Spain, for Spanish families and for Spanish enterprises. The macro-economic imbalances that built up in the eurozone over the first decade of the single currency were particularly acute in Spain. And the necessary unwinding of those imbalances was always going to be difficult and painful.


Comments by Vice-President Olli Rehn on the publication of Spanish Structural Reform Plan

01/10/2012

The comprehensive reform plan announced today by the Spanish authorities is a major step to broaden and deepen structural reforms, building on important achievements made already. The reform plan includes concrete, ambitious and well-focused measures and establishes clear deadlines in many areas.


Vice President rehn's remarks at the informal Eurogroup and Ecofin Press Conferences English (en)

22/09/2012

I would like to share with you a few brief observations on the European economy because I presented the current state of the European economy to the Ministers. The Commission will present its next fully-fledged forecast in early November, but we can already say on the basis of recent soft and hard data that we expect a recovery to set in next year, albeit a more gradual one than previously forecast, and one that is subject to risks. Moreover, trends in growth and employment remain very uneven across Member States and unfortunately in many countries unemployment is reaching very high levels for the moment especially youth unemployment, which is a serious cause of social concern.


"Towards a genuine economic and monetary union" - speech by Vice-President Rehn at the at the ECON Committee of the European Parliament

04/09/2012

I believe that in moving ahead with our common vision, Europeans will not and cannot be divided into winners and losers. Either we all win together or we all lose together. If the impression gains ground that undue advantages are gained by some at the expense of others, the result will not be politically sustainable. We are already seeing some worrying signs of such sentiments.


Statement by Vice-President Rehn on the adoption of Spain's banking decree

31/08/2012

I welcome today's adoption by the Spanish government of a Royal Decree Law on the restructuring and resolution of credit institutions, including a comprehensive blueprint for the future Asset Management Company. This has been drafted in close cooperation with the European Commission and the other partners involved in the Spanish banking sector programme. The law constitutes a key element in the programme and its adoption today sends an important signal of Spain's determination to comply fully with the requirements and timeframe set out in the Memorandum of Understanding.


14/08/2012

Staff-level agreement has been reached with the authorities on measures that will be discussed by the Executive Board of the IMF in a meeting that is tentatively scheduled for late September. The results of the review will also be presented to the Economic and Financial Committee of the EU in September. Unwavering political support is needed to ensure implementation of the program measures.


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.


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.


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.


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."


European 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  


02 - Quarterly report on the euro area English (en)

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 English (en)

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."


Second Supplemental Memorandum of Understanding between the EU and Romania pdf - 444 KB [444 KB] English (en)

02/07/2012


Statement by President Barroso at the end of the euro area Summit

29/06/2012

Mr Barroso said that "I think these are quite ambitious decisions and that shows once again the commitment of the Member States, namely those in the euro area, to the irreversibility of the euro and I think this will be recognized by all."


June European Council 28/29 June 2012 - presentation by President Barroso to the European Council

29/06/2012

"I think it is important to highlight this vision and to define in clear terms the commitment to our common currency, to the irreversibility of the euro, in following discussions tonight and tomorrow," concluded President Barroso.


Conclusions of the European Council (28/29 June 2012).

29/06/2012

The conclusions reaffirm the European Union's commitment to preserve EMU and put it on a more solid basis for the future, saying that "Strong, smart, sustainable and inclusive growth, based on sound public finances, structural reforms and investment to boost competitiveness, remains our key priority."


Statement by President Barroso at the press conference following the European Council of 28-29 June 2012

29/06/2012

"I know that many people were sceptical about the prospects for this summit. And I hope that they were pleasantly surprised when they heard the news this morning. Because this European Council and Euro area summit have delivered what our citizens, our international partners and investors have been asking for. It has delivered a robust set of answers which should significantly strengthen confidence in Europe's financial stability."


Remarks by President Herman Van Rompuy following the European Council

29/06/2012

"In the current situation, establishing a longer-term perspective for the euro area is a pressing priority. Indeed, as has been pointed out: if we want investors to buy ten-year bonds, understandably they would like to know where the Eurozone stands in ten years time."


EU places € 2.3 billion long 15-year bond in support of Ireland

27/06/2012

The European Union (EU) today placed a €2.3 billion benchmark bond with April 2028 maturity, seeing strong investor demand. The proceeds will be on-lent to Ireland as part the financial assistance package decided in December 2010 and following a successful completion of the sixth programme review (see MEMO/12/283 and MEX/12/0626). The operation was carried out by the European Commission on behalf of the EU under the European Financial Stabilisation Mechanism (EFSM).


New rules to simplify access to EU funds

26/06/2012

The European Parliament and the Council have agreed on new rules aimed at equipping the EU budget with simpler financial rules while securing sound treatment of European taxpayers' money.


Speech by President Barroso ahead of the European Council: "Moving Europe Forward"

26/06/2012

The speech covers measures that have been and will be taken to tackle the crisis, including the potential for a Banking union, and political and fiscal union.


Commission publishes Spring 2012 Review of Economic Adjustment Programme for Ireland English (en)

25/06/2012

This report provides a summary of the main findings of the mission, including an assessment of compliance with the programme conditionality, and an overview of challenges faced by Ireland in the period ahead. This document contains in annex the updated programme documents. The overall positive assessment of compliance paves the way for the release of €2.3 billion from the EFSM, €1.4 billion from the IMF and around €0.5 billion from a bilateral loan from the UK.


Council approves Country-specific and Eurozone recommendations on economic and fiscal policies

25/06/2012

The Council approved today, under this year's European Semester, draft recommendations to all 27 member states on the economic policies set out in their national reform programmes, as well as draft opinions on each member state's fiscal policies, as presented in their stability and convergence programmes.


Council closes excessive deficit procedures for Germany and Bulgaria

25/06/2012

The Council today adopted decisions closing excessive deficit procedures for Germany and Bulgaria, thus confirming that they have reduced their deficits below 3% of GDP, the EU's reference value for government deficits.


Joint letter from Commission President Barroso and EIB President Hoyer to the Members of the European Council - Reinforcing the capital base of the EIB to support jobs and growth

25/06/2012

"At its meeting of 30 January 2012, the European Council requested the European Commission and the European Investment Bank (EIB) to consider possible options to enhance EIB action to support growth and to make appropriate recommendations, including possibilities for the EU budget to leverage EIB financing capacity.''


Statement by President Barroso on the formation of the new Greek Government

25/06/2012

"I warmly welcome today's announcement of the formation of a new government in Greece. I am particularly reassured that the new administration will count on ample and broad-based parliamentary support. I believe that this sends a clear signal of Greece's determination to honour its commitments and stay in the euro.''


Statement by President Barroso and President Van Rompuy on the results of the G20 summit in Los Cabos

25/06/2012

At this summit, G20 leaders showed strong resolve to promote growth and jobs and the EU made an important contribution, setting out its sustained, comprehensive crisis response and policy action.

G20 summit: Statement by President Barroso after the G20 discussions on the global economy and the European debt crisis

25/06/2012

''Firstly, G20 leaders, after very good, frank and open discussion, will recognise the extremely important efforts that Europe has been making to deal with the financial crisis. It was very good to understand the questions and to work cooperatively for the solution of this global financial crisis including the European part of it.''


Statement by Presidents Barroso and Van Rompuy on the result of the Greek elections

25/06/2012

''The Greek people have spoken. We fully respect their democratic choice. We are hopeful that the election results will allow a government to be formed quickly.''


Eurogroup Statement on Greece

25/06/2012

The Eurogroup acknowledges the considerable efforts already made by the Greek citizens and is convinced that continued fiscal and structural reforms are Greece’s best guarantee to overcome the current economic and social challenges and for a more prosperous future of Greece in the euro area.






Credit rating agency reform: sovereign debt ratings to be regulated

25/06/2012

Draft legislation to regulate credit rating agencies and reduce reliance on their ratings was voted in the Economic and Monetary Committee on Tuesday.


Statement by Vice-President Olli Rehn on the request by Spain for financial assistance for recapitalisation of financial institutions

25/06/2012

''I welcome the formal request of the Spanish authorities to the Eurogroup for financial assistance for recapitalisation of financial institutions. Following this request, I have instructed our staff to step up their work to provide a clear assessment of the sector and its needs, as well as a proposal for the necessary policy conditionality that shall accompany the assistance, in liaison with the staff of the ECB, EBA and the IMF.''

European Commission memo on Fiscal Union

25/06/2012

The memo covers Commission thinking on the European Semester, the "six-pack", the "two-pack", the Fiscal Treaty, Stability Bonds, and the possible way forward.


Statement by the President of the Eurogroup

25/06/2012

''As already stated after last week’s Eurogroup meeting, we expect to give a mandate to the Commission, in liaison with the ECB and the EBA, to negotiate the necessary policy conditionality for the financial sector, including restructuring plans in accordance with EU state aid rules, which shall accompany the financial assistance. The IMF will provide technical assistance and regular monitoring.


Eurogroup Press Conference English (en)

22/06/2012

Let me first make a few comments on the IMF's article 4 report,  which Christine Lagarde very clearly outlined to you.  The Commission, by in large, agrees with the IMF's concluding remarks. Especially we share the view that the negative feedback loop between sovereigns  and banks constitutes a main source of macro-economic instability for the euro area, and therefore we are of the view that we need both to strengthen the European banking sector and put public financing on a stable footing.  That is a necessary condition for returning to recovery and sustainable growth and job creation in Europe.


Extracts from Comission President Barroso's speech on Joint European Parliament Debate on the forthcoming European Council meeting and the Multiannual financial framework

13/06/2012

Inter alia, the speech covers the EFSM, the EFSF and its successor, the ESM – to strengthen our potential to intervene in support of financial stability.


Eurogroup statement on Spain

10/06/2012

The statement says thaat the Eurogroup supports the efforts of the Spanish authorities to resolutely address the restructuring of its financial sector and it welcomes their intention to seek financial assistance from euro area Member States to this effect.


Statement by President of the European Commission Jose Manuel Barroso and Vice-President Olli Rehn on Spain

09/06/2012

We welcome today’s communication by Spain of its intention to request the support of the euro area for the restructuring of its financial sector, and the Eurogroup’s positive response to this. The Commission is ready to proceed swiftly with the necessary assessment on the ground, in close liaison with the ECB, EBA and the IMF, and to propose appropriate conditionality for the financial sector. With this thorough restructuring of the banking sector, together with the on-going determined implementation of structural reforms and fiscal consolidation, we are certain that Spain can gradually regain the confidence of investors and market participants and create the conditions for a return to sustainable growth and job creation.


Statement by President of the European Commission Jose Manuel Barroso and Vice-President Oli Rehn on Spain English (en)

09/06/2012

The joint statement said that  the Commission is ready to proceed in close liaison with the ECB, EBA and the IMF


Déclaration du Vice-Président Olli Rehn au point de presse conjoint avec Pierre Moscovici, Ministre français de l'Economie et des Finances et du commerce extérieur English (en)

04/06/2012

Déclaration du Vice-Président Olli Rehn au point de presse conjoint avec Pierre Moscovici, Ministre français de l'Economie et des Finances et du commerce extérieur
Bruxelles, 4 juin 2012

Je suis ravi d'accueillir Pierre Moscovici au Berlaymont pour la première fois dans son rôle de Ministre de l'Economie et des Finances. Nous avons eu des échanges ouverts et constructifs aujourd'hui.

>> Lire plus


Statement by the EC, ECB, and IMF on the Fourth Review Mission to Portugal English (en) português (pt)

04/06/2012

Staff teams found that the programme remains on track amidst continued challenges, that the authorities are broadly implementing the reform policies as planned, and that the external adjustment is proceeding faster than expected.


Déclaration du Vice-Président Olli Rehn au point de presse conjoint avec Pierre Moscovici, Ministre français de l'Economie et des Finances et du commerce extérieur

04/06/2012

Nous partageons les mêmes objectifs politiques pour l'Europe: nous voulons la croissance, l'emploi, et la consolidation des finances publiques. Pierre Moscovici et moi-même souhaitons une zone euro forte et nous avons toute confiance en son avenir.


Brussels Economic Forum 2012

31/05/2012

OPENING ADDRESS: Olli Rehn, Vice-President, European Commission


Commission publishes 2012 Convergence Report English (en)

30/05/2012

Convergence Reports examine whether Member States satisfy the conditions for adopting the single currency. The 2012 report, adopted on 30 May 2012, examines progress with convergence in eight Member States with a derogation - Bulgaria, the Czech Republic, Latvia, Lithuania, Hungary, Poland, Romania and Sweden.


Commission publishes 2012 Convergence Report English (en)

30/05/2012

Convergence Reports examine whether Member States satisfy the conditions for adopting the single currency. The 2012 report, adopted on 30 May 2012, examines progress with convergence in eight Member States with a derogation - Bulgaria, the Czech Republic, Latvia, Lithuania, Hungary, Poland, Romania and Sweden.


Excessive Deficit Procedure - Commission recommends abrogation of EDP for Bulgaria and Germany, lifting of Cohesion Fund suspension for Hungary English (en)

30/05/2012

Following the validation of new figures by Eurostat and the Commission's spring forecast, the Commission has concluded that the correction of the excessive deficit for Germany and Bulgaria is ensured. The Commission has also concluded that Hungary has taken the necessary corrective action for the lifting of the suspension of its Cohesion Fund commitments.


Commission adopts package of recommendations setting out the next steps to boost stability, growth and jobs

30/05/2012

The European Commission has adopted a package of recommendations for budgetary measures and economic reforms to enhance financial stability, boost growth and create employment. It has also adopted 2012 country-specific recommendations in the context of the European Semester, offering guidance on economic policy.


Following in-depth reviews, Commission calls on Member States to tackle macroeconomic imbalances.

30/05/2012

The In-depth reviews, which are part of the Macroeconomic Imbalance Procedure (MIP), cover twelve Member States. identified in the Alert Mechanism Report issued in February 2012. 


G20 summit in Mexico: Joint letter of Presidents Barroso and Van Rompuy to the EU Member States

30/05/2012

Today, European Commission President Barroso and European Council President Van Rompuy sent a joint letter to EU Heads of State and Government to inform them about the key issues coming up for discussion at the G20 Summit in Los Cabos, Mexico, on 18-19 June 2012.


Opening remarks by President Barroso on the next steps for stability, growth and jobs

30/05/2012

José Manuel Durão Barroso President of the European Commission Opening remarks by President Barroso on the next steps for stability, growth and jobs Press conference Brussels, 30 May 2012


Algirdas Šemeta EU Commissioner for taxation, Customs Union, Anti-Fraud, Audit and Statistics Country specific recommendations Press Conference on European Semester Brussels, 30 May 2012

30/05/2012

The quality of taxation can be a "make or break" factor in Member States' efforts to consolidate budgets and establish sustainable economic growth.


Euro area press lines on Greece - Informal EC dinner, 23 May 2012

24/05/2012

''We discussed the political and economic situation in Greece.
We want Greece to remain in the euro area while respecting its commitments.
We are fully aware of the significant efforts already made by the Greek citizens.''

Remarks by President of the European Council Herman Van Rompuy following the informal dinner of the members of the European Council

24/05/2012

My Van Rompuy said "there should be no misunderstanding: it is obvious that opposing "deficit reduction" and "growth" is a false debate. They are two sides of the same coin. Without sound public finances there can be no sustainable growth; but without sustainable growth, the measures to bring our debt levels under control will be done in vain."


European Commission Statement by President Barroso following the Informal European Council dinner, 23 May

24/05/2012

In the speech, Mr Barroso said "The choice between stability and growth should not be seen exactly as a choice – we need both. There was a clear consensus around the table on this. We need both stability and growth and to achieve growth we need fiscal consolidation, we need structural reforms for competitiveness and we need targeted investment."

"On Greece, I have already outlined my position after the meeting today with the interim Prime Minister of Greece. The message that we sent today is clear: we will stand by Greece while Greece stands by its commitment. There is a democratic process taking place in Greece. Of course we respect this democratic process. Let's wait for the people of Greece to have their say on the 17th June and we will not let ourselves be derailed by those who want to promote speculative scenarios."




Statement by Vice-President Olli Rehn following the political agreement on the EU-EIB Project Bonds Initiative

23/05/2012

''I welcome the agreement today in the "trilogue" with the Parliament and Council on our proposal for the pilot phase of Project Bonds, which paves the way for the vote on 31 May. This is an important initiative that can contribute to strengthen our economy. Promoting public and private investment is indeed a cornerstone of our growth initiative.''


Statement by President Barroso following his meeting with Mr Panagiotis Pikrammenos, interim Prime Minister of Greece

23/05/2012

''I have just met with the interim Prime Minister of Greece, Mr Panagiotis Pikrammenos. His government has a clearly defined yet vital role to play in the coming weeks.''


Joint statement by European Commission President Barroso and European Council President Van Rompuy after the G8 working session on the global economy

22/05/2012

Joint statement by European Commission President Barroso and European Council President Van Rompuy after the G8 working session on the global economy


Speech by Vice-President Olli Rehn – "Europe's action plan for growth, employment and investment", European Parliament, 22 May 2012

22/05/2012

In the speech, Mr Rehn said " There is no silver bullet for economic growth. If there were, it would have already been fired. The build-up of debts, deficits and imbalances in our economies did not happen overnight, it happened over many years. And the readjustment we are now going through won't be concluded overnight. That is why it is so important to stay the course of sustainable.

Speech by Vice-President Rehn in Oxford: Overcoming Europe's sovereign debt crisis – the road to stability and growth

17/05/2012

Our latest European Economic Forecast shows the EU economy to be in a mild and short-lived recession. A slow and subdued recovery is forecast to begin from the second half of the year on, and continue over 2012-13. But this will only happen on the condition that confidence gradually returns and decisive policy action is taken.


Speech of President Barroso at the General assembly of the UN: State of the World Economy and Finance and its impact on development in 2012

17/05/2012

These last months I have frequently been speaking about the global economy. I have been doing so out of necessity but also out of choice, because I feel that these issues need to be discussed and debated at length.


Statement by Commissioner Lewandowski after today's debate in the Council on the EU's draft budget for 2013: "A promising start of the negotiations on the 2013 EU budget

16/05/2012

The Commissioner said that "this was only the first round within the Council but it makes me relatively optimistic for the eventual adoption of a 2013 EU budget with sufficient resources to meet the needs of all Member States and citizens as Europe is slowly working its way out of the current crisis


Statement by President Barroso on the European economy and Greece

16/05/2012

In the speech, which came at the end of a debate on the economic situation in Europe during the weekly meeting of the European Commission, Mr Barroso said that "We want to stand by Greece. We want to work together with Greece. Now it is of course up to the Greek people to say if they want to work also with the euro area Member states and with the European institutions."


Commission publishes 2012 Ageing Report: Europe needs to prepare for growing older English (en)

15/05/2012

The population of the EU is projected to reach 517 million in 2060. Nearly one third of the citizens will then be aged 65 or over.


European Parliament Press release - Fiscal Policy: Growth dimension and control of new Commission powers needed

15/05/2012

The European Commission should have more control over fiscal policy in EU Member States, but not the free rein it asked for, says the Economic and Monetary Affairs Committee in texts, voted on Monday, stating a position on the economic governance "two pack". This increased power must be democratically controlled and serve to spur economic growth, MEPs say.


European Parliament Press Release - Bank capital rules: reform to boost risk resilience and lending to the real economy

15/05/2012

Bank capital requirements must be strengthened to make banks more risk-resilient and the risk weighting of loans to small firms must be reduced to facilitate lending to the real economy, said Economic and Monetary Affairs Committee MEPs in a vote on Monday. Bankers' bonuses must not exceed their fixed pay, they added.


Remarks by European Commission Vice-President Rehn at the Eurogroup press conference

15/05/2012

Mr Rehn said that "the EU-IMF programme is a very substantial expression of solidarity and support for Greece by the other 16 euro area Member States. It is, in fact, a 'Solidarity Pact' between the other 16 euro area Member States and Greece; between the parliaments of the other 16 euro area Member States and the parliament of Greece. This is what Europe is about. But solidarity is a two-way street."


Statement on Spanish banking reform by Commission Vice President Rehn English (en)

13/05/2012

Mr Rehn welcomed the reform, saying " By deciding on these important measures for the banks, on top of those already announced in February, Spain is taking decisive action in addressing remaining vulnerabilities within the sector."


Statement by Olli Rehn, Vice President of the European Commission responsible for Economic and Monetary Affairs and the Euro

13/05/2012

"I welcome the measures announced on Friday by the Spanish authorities to further reform the banking sector. A prompt and profound reform of the banking sector is a cornerstone of Spain's crisis response and its overall reform strategy. It is an indispensable supplement of the determined fiscal consolidation and front-loaded structural reforms that can bring sustainable growth and more and better jobs"


Spring forecast: towards a slow recovery English (en)

11/05/2012

"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 the WB, EC, and the IMF on the Review of Romania’s Economic Programme English (en)

09/05/2012

Staff teams from the World Bank, European Commission, and the International Monetary Fund, visited Bucharest from April 24 until May 9 to review Romania’s economic programme. They concluded that the programme remains broadly on track.


Speech by Commission President Barroso at the State of the Union Conference - the European way forward: leadership and ownership

09/05/2012

In the speech, at the State of the Union Conference at the European University Institute in Florence, Mr Barroso said that "the crisis has emphasised that growth and stability go hand in hand. A country cannot have sustainable economic growth and jobs creation nor sustainable social welfare if its public debt continues to spiral out of control".


President Barroso delivers European Commission message in joint press conference with Vice-President Rehn: "Seizing the moment to boost growth: 9th May message from the European Commission"

08/05/2012

In the  9th May message from the European Commission, Mr Barroso stated that "we need to boost growth in Europe. We have put our ideas on the table. I welcome others who come forward with their own. So let us seize the moment to have growth and stability in Europe"


Vice President Olli Rehn speaks on restoring growth in Europe through confidence, reforms and investment

06/05/2012

In the speech, given at the Institute of European Studies in Brussels, Mr Rehn stressed that fiscal consolidation, while necessary, must be done in a growth-friendly way, adding that 'contrary to the misleading impression promoted by some politicians and pundits that the EU fiscal framework forces all member states into a 'one-size-fits-all' consolidation straightjacket, the Stability and Growth Pact is not stupid. The Pact entails considerable scope for judgement, based on economic analysis and its legal provisions, when it comes to its application'.


Vice President Olli Rehn speaks on restoring growth in Europe through confidence, reforms and investment

06/05/2012

In the speech, given at the Institute of European Studies in Brussels, Mr Rehn stressed that fiscal consolidation, while necessary, must be done in a growth-friendly way, adding that 'contrary to the misleading impression promoted by some politicians and pundits that the EU fiscal framework forces all member states into a 'one-size-fits-all' consolidation straightjacket, the Stability and Growth Pact is not stupid. The Pact entails considerable scope for judgement, based on economic analysis and its legal provisions, when it comes to its application'.


Speech by Herman Van Rompuy, President of the European Council at the Stockholm School of Economics

04/05/2012

''It is a pleasure to speak here in Stockholm and share a few thoughts on the road ahead for Europe and the Eurozone, just as I am about to enter my second term as President of the European Council.''


Commissioner BARNIER's statement following the Ecofin Council on Capital Requirements Directive 4

03/05/2012

Mr Barnier said: "I came to the Council determined to see three principles respected in the negotiations and they are:
1) Any agreement has to be in conformity with Basel 3
2) Any agreement has to guarantee and deepen the Single Market ("the single rule book")
3) Any agreement has to contribute to financial stability, the sine qua non for a return to growth and employment
We are on the road to finalising a compromise on 15 May which respects these three principles. And I call on all Member States to continue on that road so that we can start negotiations with the European Parliament from mid-May."


Quarterly note on the euro-denominated bond markets - March 2012 English (en)

02/05/2012

Quarterly note on the euro-denominated bond markets


Provisional results of the Economic and Financial Affairs (ECOFIN) Council, Brussels, 2 May 2012

02/05/2012

The Council examined proposals to amend the EU's rules on capital requirements for banks and investment firms, the so-called "CRD 4" package, with a view to starting negotiations with the European Parliament aimed at adoption of the texts at first reading.


Statement by Vice-President Rehn on the budgetary agreement reached in the Netherlands English (en)

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.


Spring forecast: towards a slow recovery English (en)

02/05/2012

The EU economy is currently in a mild recession. But a gradual recovery is in sight.


Opening speech at the European Business Summit by President of the European Council Herman Van Rompuy

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.''


Joint press release by the IMF and EC Missions in Romania English (en)

27/04/2012

The IMF's Mission Chief for Romania, Jeffrey Franks, and acting EC Mission Chief, Joost Kuhlmann, made a statement on programme progress in Romania


Joint statement following the working breakfast between European Commission President Jose Manuel Barroso and Italian Prime Minister Mario Monti

27/04/2012

"Our discussion this morning focused on the current economic situation in Europe and in the euro area in particular. We face significant challenges in terms of growth and high unemployment.''


EU 2.7 billion Euro 10-year bond for Portugal strongly oversubscribed

27/04/2012

The European Union (EU) issued a € 2.7 billion benchmark bond with 10 years maturity, seeing strong and widespread investor demand with books almost three times oversubscribed. The proceeds will be on-lent to Portugal, as part of its financial assistance package and in addition to a € 1.8 billion 26 year funding operation last week


''Growing ourselves out of the crisis''

27/04/2012

Opening speech at the European Business Summit by President of the European Council Herman Van Rompuy


Report by the EC, ECB, and IMF on the Review Mission to Ireland concludes that Ireland’s policy implementation remains on track

26/04/2012

The joint report also said that ensuring recovery in Ireland’s highly open economy will require that these policy efforts continue, and that the external environment improves. The EC and IMF missions will seek approval for the completion of this review from the relevant EU bodies and the IMF Executive Board respectively.


26/04/2012

Investor protection, better organisation of markets, new trading platforms and algorithmic trading emerged as the key issues for MEPs in draft financial market legislation discussed in the Economic and Monetary Affairs Committee on Wednesday.


Speech by President Barroso at the COSAC

23/04/2012

"Releasing the full potential of the Single Market to deliver smart, sustainable and inclusive growth"


Remarks by Vice-President Rehn on the European Investment Bank's contribution to growth and jobs in the EU

19/04/2012

To allow the EIB to do more for growth and jobs, its capital needs to be addressed, i.e. its capital base needs to be increased. This must be done by its shareholders, the Member States.


Combatting tax fraud and tax evasion: Commissioner Šemeta addresses EP

19/04/2012

Speaking at the European Parliament Plenary debate on the fight against tax fraud and tax evasion today, Commissioner for Taxation, Algirdas Šemeta said that "in these difficult times we must ensure that taxes are efficiently and fairly collected. We cannot ask citizens to accept the burden of increased taxes and cuts in public services if we do not do our utmost to clamp down on activities and practices that robs Member States of legitimate income."

Commission welcomes Parliament’s endorsement of risk-sharing instruments for Member States worst hit by the financial crisis to contribute to investment and job creation

19/04/2012

The European Parliament has today approved the Commission’s proposal enabling the use of cohesion policy allocations still available to back-up guarantees and loans by financial institutions such as the European Investment Bank (EIB).


Commission issues Communication on growth and jobs for Greece English (en)

18/04/2012

Agreement on the Second Programme and the recent reduction of Greek debt owed to private sector provide an opportunity to create a new dynamic to speed up the badly needed structural reforms.


EU places € 1.8 billion 26-year bond for Portugal

18/04/2012

The European Union (EU) today launched its third long-term bond in 2012, placing € 1.8 billion with a maturity of 26 years. The operation met with widespread investor demand. The proceeds will be on-lent to Portugal following a successful conclusion of the third programme review, as part the financial assistance package decided in May 2011. The transaction was carried out by the European Commission on behalf of the EU under the European Financial Stabilisation Mechanism (EFSM).


Growth for Greece: Commission points the way to unlock growth and create jobs - press release with video

18/04/2012

Brussels, 18 April 2012 - After many months of crisis, the conditions now exist to start moving from crisis to growth in Greece. Agreement on the Second Economic Adjustment Programme and the success of the debt reduction agreement with the private sector mean that all efforts can now be concentrated on much needed growth and jobs.


Growth and jobs for Greece – FAQ

18/04/2012

Frequently asked questions on Growth and Jobs for Greece – European Commission

Commission presents new measures and identifies key opportunities for EU job-rich recovery

18/04/2012

Presenting the new package, László Andor, EU Commissioner for Employment, Social Affairs and Inclusion said: "current levels of unemployment in the EU are dramatic and unacceptable. Job creation must become a real European priority". See also:


Statement by President Barroso at the European Parliament Plenary Debate: "Economic Crisis in the Euro Zone"

18/04/2012

Mr Barroso said that "our Europe 2020 strategy has a breadth of vision and a depth of substance which goes far beyond any one narrow perspective or single course of action. It also has the flexibility to adapt and to throw up new ideas and indeed be the basis for a new European initiative for growth."

 


Statement of the Eurogroup

17/04/2012

The stability and integrity of the Economic and Monetary Union have required swift and vigorous measures that had been implemented recently, together with further qualitative moves towards a genuine Fiscal Stability Union.


Statement by the Eurogroup President, Jean-Claude Juncker

17/04/2012

The Greek authorities have announced that they have extended until 4 April the offer period for bonds governed by foreign law and eligible for the exchange. This decision was taken with a view to provide bondholders a further opportunity to tender their holdings of eligible foreign-law bonds in the exchange.


Speech by President Barroso following his meeting with the Federal President of Germany, Mr Joachim Gauck

17/04/2012

José Manuel Durão Barroso President of the European Commission Statement by President Barroso following his meeting with the Federal President of Germany, Mr Joachim Gauck Press point Brussels, 17 April 2012


Comments by Vice-President Olli Rehn at the Informal Ecofin Council

30/03/2012

Europe’s crisis response has recently made substantial progress in all its fronts, including financial stability, fiscal consolidation and growth-boosting structural reforms.
First, financial stability is improving, not least thanks to the actions undertaken by the ECB that prevented a credit crunch. The stabilization has been facilitated by the more sustainable solution reached on Greece and by the bold and decisive actions on fiscal and structural reforms in the Member States under particular market pressure, especially Italy and Spain. These reforms go in the right direction and are important to boost economic growth and employment.


Brussels Economic Forum, 31 May 2012 - Registration is open!

29/03/2012

Europe is ready for growth. To support this, most of the tools to manage a closer fiscal and economic union are now in place. But how can we finally put the crisis behind us and return to the path of robust economic growth? To find out, join the event and register now.


European Bank Coordination "Vienna" Initiative issues report on Non-Performing Loans in Central, Eastern and Southeastern Europe English (en)

27/03/2012

The report, in the context of the European Bank Coordination "Vienna" Initiative, presents the analysis of the Working Group on non-performing loans, set up in March 2011


European Bank Coordination "Vienna" Initiative issues report on Basel III Implementation in Emerging Europe English (en)

27/03/2012

This report, in the context of the European Bank Coordination "Vienna" Initiative, presents the analysis of the Working Group on Basel III set up in March 2011


Speech by Vice-President Rehn on "the Second Programme of Economic Adjustment for Greece: Greek commitment, European solidarity" at the European Parliament

27/03/2012

Speaking at the at the ECON-EMPL joint hearing on Greece. Mr Rehn said that thanks to European solidarity, we have avoided the worst - a social disaster. But the situation remains difficult, especially for the most vulnerable in the society.


Speech by Vice-President Rehn at the Portuguese Parliament

21/03/2012

Mr Rehn said that "resolving the current crisis requires not only the efforts of the Portuguese population, and of those of other countries in difficulty, but also actions at the EU level."


Six-pack? Two-pack? Fiscal compact? A short guide to the new EU fiscal governance English (en)

14/03/2012

Economic and fiscal governance in the EU and the euro area has been fundamentally strengthened in the recent months. And the work is ongoing. Please find below an explanation of the main building blocks.


Full Forum Meeting of the European Bank Coordination “Vienna 2.0” Initiative English (en)

13/03/2012

Public-private forum boosts coordination to support financial sector stability in emerging Europe.


Vienna Initiative Welcomes NBP Governor Marek Belka’s Chairmanship of its Steering Committee English (en)

13/03/2012

The Vienna 2 gains broad institutional support for stable cross-border banking.


Speech by President Barroso on the outcome of the Spring European Council

13/03/2012

In his speech to the European Parliament, The President said that progress has been achieved on Greece, financial stability, and job-creating growth through our Europe 2020 agenda


Greece: Decision paves way for next disbursement

13/03/2012

The Council today adopted a decision adjusting fiscal consolidation measures required of Greece under the EU's excessive deficit procedure following an agreement reached between the Greek government and the Troika


European Council published Conclusions on the Alert Mechanism Report

13/03/2012

In the Conclusion, the Council formally welcomes the Commission's first Alert Mechanism Report, providing the starting point of the new macroeconomic imbalances procedure.


Speech by Mario Draghi, President of the ECB - Competitiveness of the euro area and within the euro area

13/03/2012

Overall, we see continued signs of stabilisation in the euro area economy, albeit still at a low level. The situation in financial markets has clearly improved in response to the ECB’s measures.


European Parliament press release - EU project bonds

13/03/2012

The release describes the next steps in the Parliament for these bonds, which are designed to attract new funds for EU infrastructure.


European Council suspends €495.2 million in cohesion fund commitments to Hungary under Excessive Defecit Procedure

13/03/2012

The Council also issued a recommendation1 under the EU's excessive deficit procedure


Eurogroup issues terms of reference on Spain

12/03/2012

The group welcomed the commitment of the Spanish government to meet the 2013 deadline for the correction of the excessive deficit, bringing the deficit below 3% of GDP.


Background Briefing - Eurogroup and Economic and Financial Affairs Council - Tuesday 13 March in Brussels

12/03/2012

The Eurogroup will meet on Monday 12 March at 17.00.
Ministers will hold a breakfast meeting on Tuesday at 9.00 (debriefing from the Eurogroup).
The Council, starting at 10.00, will be briefed on the state of preparatory work on an EU-wide
financial transaction tax and on plans to carry work forward in the coming months.
It will be called on to adopt conclusions on an alert mechanism report for the early detection of
macroeconomic imbalances. It will also discuss the excessive deficit procedure for Hungary.


Statement by Commission Vice-President Olli Rehn on private sector participation in the second Greek programme

09/03/2012

Mr Rehn said that this second programme is the cornerstone of our efforts to boost sustainable growth and jobs in Greece.


Eligibility of bonds issued or guaranteed by the Greek government in Eurosystem credit operations

09/03/2012

The Governing Council of the European Central Bank (ECB) has acknowledged the activation of the buy back scheme, provided to underpin the quality of marketable debt instruments issued or fully guaranteed by the Hellenic Republic.

Annual Accounts of the European Central Bank for the year ending 31 December 2011

09/03/2012

The Governing Council of the European Central Bank (ECB) today approved the audited Annual Accounts of the ECB for the year ending 31 December 2011.


Statement by Mario Draghi, President of the ECB

09/03/2012

Mr Draghi said that over recent months, a wide range of additional non-standard monetary policy measures has been implemented by the Eurosystem. These measures, including in particular two three-year longer-term refinancing operations, were decided upon against the background of exceptional circumstances in the last quarter of 2011.


Commission adopts Recommendation asking Hungary to take steps to correct deficit

07/03/2012

Based on this Recommendation, Hungary would be asked for an additional fiscal effort to meet the government's own deficit target of 2.5% of GDP in 2012 and to ensure that the deficit in 2013 remains well below the 3% threshold, even after the phasing-out of one-off measures.


Speech by Vice President Rehn at the Colloquium on the European Response to the crisis

07/03/2012

Europe is responding to the crisis by reinforcing economic governance, by consolidating public finances and by pursuing policies to promote sustainable growth and job creation. While the euro-area is currently in a mild recession, there are signs of stabilisation. I am convinced that, as a result of our collective efforts and once we keep up recent decisive action, we will witness the turning of the tide in the coming months.

Hungary – Commission takes further steps on infringements

07/03/2012

The European Commission has taken further legal steps on measures affecting the judiciary and the independence of the data protection authority. It noted some progress on central bank independence, but said further evidence and clarification was needed.


Hungary - Commission asks for additional information on central bank's independence

07/03/2012

The European Commission has continued accelerated infringement procedure on independence of the data protection supervisor and measures affecting the judiciary and asks additional information on central bank's independence

Letter from President Barroso to Prime Minister Papademos

07/03/2012

Attached is a letter from European Commission President Jose Manuel Barroso to Greek Prime Minister Lucas Papademos proposing follow-up actions further to their meeting of 29 February on measures to support jobs and growth in Greece.


Statement by President Barroso at the signature ceremony of the Treaty on Stability

05/03/2012

Mr Barroso said that "the Treaty is an important part in our global strategy to restore stability in European public finances."


Statement by President Barroso at the press conference of the European Council

02/03/2012

Statement by President Barroso at the intermediary press conference of the European Council Press conference Brussels, 1st March 2012


Statement on Greece by the President of the Eurogroup, Jean-Claude Juncker

02/03/2012

The Eurogroup welcomed the assessment of the Troika that Greece has made sufficient progress in completing the agreed prior actions

Remarks by President Herman Van Rompuy following the first session of the European Council

02/03/2012

Mr Van Rompuy  mentioned that Eurozone leaders also confirm their commitment to reassess the adequacy of the overall ceiling of the EFSF/ ESM firewall by the end of the month. In addition they agreed to accelerate the payments of the pending capital for the ESM.


Fiscal compact signed: Strengthened fiscal discipline and convergence in the euro area

02/03/2012

Twenty-five European leaders today signed the Treaty on Stability, Coordination and Governance aimed at strengthening fiscal discipline and introducing stricter surveillance within the euro area, in particular by establishing a "balanced budget rule".


Speech by President Herman Van Rompuy during the signing ceremony of the Treaty on Stability

02/03/2012

Mr Van Rompuy said that "the Treaty contains a commitment to deepen economic coordination and it provides the tools to do so. These tools will have to be exploited in all areas essential to the proper functioning of the euro area."

Statement Euro area Heads of State or Government

02/03/2012

They welcomed the progress made on the new Greek programme, and notably the agreement reached by the Eurogroup on the policy package and the offer made to private creditors.


The conclusions of the European Council (1/2 March 2012)

02/03/2012

The European Council discussed the implementation of the EU's economic strategy. This strategy pursues both continued fiscal consolidation and determined action to boost growth and jobs; sustainable growth and jobs cannot be built on deficits and excessive debt levels. The measures taken to stabilize the situation in the euro area are bearing fruit.


Statement by President Barroso at the final press conference of the Spring European Council

02/03/2012

"We now have a new phase in economic governance and the commitment to a growth agenda. Precisely because there is now less tension regarding some issues related to the euro it was possible to focus minds on the need for structural reform for growth."


Latvia: An economic success story in the making English (en)

01/03/2012

Latvia's efforts to stabilise its economy under the EU balance-of-payments programme have been successful, and rewarded by the return to the financial markets.


Ireland: Commission gives green light for €5.8bn payment following successful completion of fifth review of financial assistance programme English (en)

01/03/2012

The joint review by the Commission, the ECB and the IMF concluded that programme implementation by Ireland remains strong and on track, while some challenges remain.


Greece - Commission recommends that the first disbursement of the second programme should take place as soon as possible. English (en)

01/03/2012

In its detailed report on the second economic adjustment programme, the European Commission said that the necessary debt restructuring has been executed and the very comprehensive prior actions that were necessary to bring the programme back on track have been completed.


Nominate an EU Commissioner to help return Greece to growth, says Juncker to European Parliament

29/02/2012

Eurogroup chief Jean-Claude Juncker told the Economic and Monetary Affairs Committee that a European Commissioner should be nominated to help return Greece to growth.


Vice President Olli Rehn European Commission English (en)

28/02/2012

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. "

More


''Time to deliver on growth'' letter from President Barroso ahead of the European Council English (en)

28/02/2012

Please find below a letter on boosting growth, competitiveness and employment that President Barroso has sent to the members of the European Council. Included is an annex providing an overview of the state of play on initiatives referred to in the letter received from 12 Member States.


Speech by President Barroso: "Unity in difference, strength in convergence"

28/02/2012

José Manuel Durão Barroso President of the European Commission Speech by President Barroso: "Unity in difference, strength in convergence" Interparliamentary committee debate on the European Semester Brussels, 27 February 2012


Speech by President Barroso : "European Governance and the Community Method"

28/02/2012

Conference on the Community Method Brussels, 28 February 2012 


Statement by the EC, ECB, and IMF on the Third Review Mission to Portugal

28/02/2012

Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) visited Lisbon during February 15-27 for the third quarterly review of Portugal’s economic programme.


Statement by Vice-President Rehn on Portugal English (en)

28/02/2012

Mr Rehn states that Portugal is making steady progress to restore fiscal sustainability, ensure a gradual deleveraging of the banking sector and advance structural reforms to enhance competitiveness and boost growth and jobs.


Invitation from President Barroso to Prime Minister Papademos English (en)

27/02/2012

invitation sent from President Barroso today to Prime Minister Papademos in view of their meeting on 29 February to discuss EU funding in support of growth and employment in Greece. The letter includes a proposed agenda for the meeting."


Speech by President Barroso: "A stronger Europe in stormy times"

27/02/2012

José Manuel Durão Barroso President of the European Commission Speech by President Barroso: "A stronger Europe in stormy times" Matthiae Mahlzeit, Hamburger Rathaus Hamburg, 24 February 2012


"Towards Europe 2020: Building a foundation for future prosperity"

27/02/2012

José Manuel Durão Barroso President of the European Commission Speech by President Barroso: "Towards Europe 2020: Building a foundation for future prosperity" The Lisbon Council: The Europe 2020 Summit Brussels, 27 February 2012


Commission proposes to suspend €495 million of Cohesion Fund for Hungary for 2013 for failure to address excessive deficit English (en)

22/02/2012

"The Hungarian authorities must now act before the suspension comes into effect."


Statement by President Barroso following his meeting with Mr Demetris Christofias, President of Cyprus

22/02/2012

José Manuel Durão Barroso President of the European Commission Statement by President Barroso following his meeting with Mr Demetris Christofias, President of Cyprus Press point Brussels, 22 February 2012


President Olli Rehn European Commission English (en)

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"


Statement by Vice-President Rehn at the Eurogroup English (en)

21/02/2012

Mr Rehn described the agreement as "an essential step further for Greece and for the euro area as a whole"


EU interim forecast: a mild recession with signs of stabilisation English (en)

21/02/2012

The latest interim forecast of the European Commission, presented on 23 February, points to a stagnation of the EU economy and to a mild recession in the euro area. However, modest growth is predicted to return in the second half of the year.


Hungary – state of play on infringement procedures English (en)

17/02/2012

Information from the Spokeswoman of the European Commission: "The European Commission has received the replies from the Hungarian government today (Friday 17 February 2012).


ECONOMIC and FINANCIAL AFFAIRS 3148th Council meeting - Brussels, 21 February 2012

17/02/2012

ECONOMIC and FINANCIAL AFFAIRS 3148th Council meeting - Brussels, 21 February 2012


Statement by the President of the Eurogroup

17/02/2012

''As announced yesterday, I convened the Eurogroup to a conference call today in
order to discuss the outstanding issues regarding the second adjustment programme
for Greece.As announced yesterday, I convened the Eurogroup to a conference call today in
order to discuss the outstanding issues regarding the second adjustment programme
for Greece.''


Speech by President Van Rompuy at the occasion of the launch of a campaign about the euro

17/02/2012

Speech by President Van Rompuy at the occasion of the launch of a campaign about the euro, at the University of International Business and Economics, Beijing


Statement on the Alert Mechanism Report Press Conference English (en)

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."


European Commission presents its first annual Alert Mechanism Report English (en)

14/02/2012

The European Commission has presented its first annual Alert Mechanism Report. It is the starting point of the Macroeconomic Imbalance Procedure, a new surveillance tool that helps to detect and correct risky macroeconomic developments in the EU and the euro area and thus strengthens the economic pillar of the Economic and Monetary Union.


Statement of President Barroso following his meeting with Jacques Delors, Brussels Point Press, February 7, 2012

13/02/2012

''It was a great pleasure to welcome Jacques Delors once again to the European Commission. We exchanged views on the current situation. Today it is precisely the day the 20 th anniversary of Maastricht and I believe we must continue to strengthen Europe in the spirit of Maastricht.''


Statement on the vote in the Greek Parliament

13/02/2012

Mr Rhen stated that "The European Commission remains strongly committed to reinforce the assistance to the Greek administration on the ground to achieve these objectives as regards  a  return to sustainable growth and employment."


Eurogroup English (en)

09/02/2012

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.


Informal European Council - Agreed lines of communication by euro area Member States

06/02/2012

Agreed lines of communication by euro-area Member States - Brussels, 30 January 2012,  30/1/2012,  English  / Other languages


Press remarks by President Van Rompuy following the informal meeting of members of the European Council

06/02/2012

English  / Other languages

"The Treaty is all about more responsibility and better surveillance. Every country that signs it commits to bringing in a "debt brake" or "golden rule" into its own legislation, and will do so at constitutional or equivalent level. New voting rules and an automatic correction mechanism will enforce compliance more effectively...The treaty will enter into force once 12 euro countries have ratified it."


Statement of the members of the European Council 30 January 2012 - Towards growth-friendly consolidation and job-friendly growth

06/02/2012

Statement of the members of the European Council 30 January 2012 - Towards growth-friendly consolidation and job-friendly growth,  30/1/2012,  English  / Other languages


Treaty on Stability, Coordination and Governance in the Economic and Monetary Union

06/02/2012

Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (31/1/2012)


Treaty on Stability, Coordination and Governance in the Economic and Monetary Union

06/02/2012

Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (31/1/2012)


Statement by the WB, EC and IMF on the Review of Romania’s Economic Programme English (en) română (ro)

05/02/2012

Staff teams from the World Bank (WB), European Commission (EC) and the International Monetary Fund (IMF) visited Bucharest from January 24 until February 6 for the regular review of Romania’s economic programme. The objectives of the programme are to solidify economic growth, while maintaining macroeconomic and financial stability.


The euro is here to stay and will !

03/02/2012

"The euro is here to stay and will, through the reform of economic governance, emerge stronger from the current crisis. We have laid the foundations of an ever closer economic union, to complement the already strong monetary union. We must now implement it properly. "


Olli Rehn Vice-President of the European Commission - A new stability culture in Europe - Europe House Lecture The Hague

03/02/2012

It is an honour to speak to such a broad and dynamic audience today, in a country which, since the foundation of the European Community, has been – and still is – a strong advocate of deeper integration and a Community approach to European policies. For such a successful trading nation as The Netherlands, the two overriding projects of economic integration in the EU, the single market and the economic and monetary union, are the lifeblood of stable and sustained economic growth and of solidarity and social inclusion in an ageing society.


Speech by President Barroso to the European Parliament following the Informal European Council meeting of 30th January

01/02/2012

Mr Barroso said ""The European Council was a first but a significant step of Heads of State and Government in recognising that it is not enough to focus on financial stability and economic discipline alone."


Statement of President Barroso following the Informal meeting of the European Council

31/01/2012

Mr Barroso praised the quick agreement on the fiscal compact and added: "

"We are making a root and branch reform of our budgetary and economic policies instead of falling for the illusion of quick fixes and constant new announcements."


January 2012: Flash Consumer Confidence Indicator

31/01/2012

In January 2012, the DG ECFIN flash estimate of the consumer confidence indicator improved in both the EU (up to -20.6 from -22.1 in December 2011) and the euro area (up to -20.6 from -21.3 in December 2011).


Statement of President Barroso following his meeting with Elio Di Rupo

27/01/2012

''First of all - even if we met even before - the first time I can express to the press that I am pleased that Belgium has a government and I congratulate the Prime Minister for having accomplished this task - we all know - was not easy.''


Statement by the President of the European Commission following his meeting with the Presidents of European political parties

26/01/2012

The President of the European Commission José Manuel Barroso met today at the Berlaymont the President of European People's Party Wilfried Martens, President of the European Socialist Party, Sergei Stanishev, the President of the European Liberal Democrat and Reform Party, and Sir Graham Watson the co-chairs of the European Green Party, Monica Frassoni and Philippe Lamberts. Mr Barroso was accompanied by Vice President Maros Sefcovic.

January 2012: Flash Consumer Confidence Indicator

26/01/2012

In January 2012, the DG ECFIN flash estimate of the consumer confidence indicator improved in both the EU (up to -20.6 from -22.1 in December 2011) and the euro area (up to -20.6 from -21.3 in December 2011).


Vice President Olli Rehn European Commission English (en)

25/01/2012

ON GREEK DEBT TALKS...
ON ECONOMIC OUTLOOK...
ON SITUATION IN HUNGARY...


Preparation of Eurogroup and Economic and Finance Ministers (ECOFIN) Council in Brussels, 23-24 January 2012

23/01/2012

Background information and agenda for the meeting, which will include discussions on the implementation of the stability and growth pact, the Commission's two proposals on economic governance, and the state of play in Greece.


Euroopan komissio

19/01/2012


Statement by the EC, ECB, and IMF on the Review Mission to Ireland

19/01/2012

The teams’ assessment was that the programme is on track, although challenges remain and continued steadfast policy implementation will be vital


European Business Cycle Indicators - Q4 2011 English (en)

18/01/2012

This quarter’s highlight analyses the relevance of business and consumer survey data for assessing new orders in manufacturing.


Speech by President Barroso on the Danish Presidency of the Council of the European Union

18/01/2012

Remarks at the European Parliament plenary debate on the start of the Danish Presidency.


Speech by President Barroso on the international agreement - European Parliament, Strasbourg

18/01/2012

"The Euro area must be strengthened, yes, but not at the expense of the wider Union. The introduction of parallel structures would embed divisions that could jeopardise the Union and also jeopardise the single market and therefore the future viability of the Euro itself."

 


Special Meeting of the European Bank Co-ordination “Vienna” Initiative

17/01/2012

Public sector officials from the European Bank Coordination "Vienna" Initiative met in Vienna to enhance the co-ordination of national policies that could impact Europe's emerging economies


Vice President Olli Rehn European Commission English (en)

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..."


Statement by Vice-President Olli Rehn on the decision by S&P concerning the rating of several euro area Member States English (en)

13/01/2012

Mr Rehn regretted the decision by the ratings agency, describing its decsions as inconsistent at a time when "the euro area has taken decisive action in all fronts of its crisis response...more"


Vice President Olli Rehn European Commission English (en)

11/01/2012

Extracts from the press conference by Olli REHN, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro


Speech by Vice President Olli Rehn on Eurobonds: Stability and Growth for the Euro Area

11/01/2012

Mr Rehn stressed that stability Bonds can provide substantial benefits, even for countries with currently high credit ratings, although serious economic, legal, and technical challenges remain.


Commission publishes EDP report on Belgium, Cyprus, Hungary, Malta and Poland English (en)

11/01/2012

The report concludes that although Belgium, Cyprus, Malta and Poland have taken effective action to correct their deficits, Hungary has not.


Statement of the European Commission on the situation in Hungary on 11 January 2012

11/01/2012

The statement confirmed, inter alia, that it has concerns with with a number of issues, including the independence of the national central bank.


BBC Hardtalk clip - Olli Rehn: Greek bailout deal 'weeks away'

11/01/2012

Nearly two years since the Greek crisis first blew up, the country is still on the verge of defaulting and needs the latest bailout from the EU, European Central Bank and IMF by March if it is to pay the interest on its loans.


EU successfully issues long-term bond with 30 year maturity, funding loans of € 3 billion for Ireland and Portugal

09/01/2012

The operation was carried out by the European Commission on behalf of the EU under the European Financial Stabilisation Mechanism (EFSM).


Statement by Vice President Olli Rehn on the approval by the Spanish Government of extraordinary fiscal measures and the fiscal slippage in Spain

30/12/2011

Mr Rehn welcomed the package of budgetary policy measures approved by the Spanish government today and to be adopted by parliament in January


Commission proposes € 30 million macro-financial assistance to the Kyrgyz Republic English (en)

21/12/2011

The European Commission proposes to provide macro-financial assistance (MFA) of up to € 30 million to the Kyrgyz Republic, with half of the assistance to be disbursed in the form of loans and half in the form of grants.


IFR Award 2011 for EU bond issuance English (en)

20/12/2011

The EU's €4 billion bond issued in September 2010 has been chosen for the prestigious IFR Award 2011 in recognition of a notable achievement and a vote of confidence in the EU.


90 - The Balance of Payments Programme for Romania. First Review - Autumn 2011 English (en)

14/12/2011

This report by European Commission services assesses compliance, under the First Review, with the terms and conditions of the 2011-2013 Balance of Payments Programme.


89 - The Economic Adjustment Programme for Portugal. Second review - Autumn 2011 English (en)

14/12/2011

This report by European Commission services assesses compliance with the terms and conditions of the Second Review under the Economic Adjustment Programme.


Speech by President Barroso at the EP debate on the review of the Polish Presidency

14/12/2011

José Manuel Durão Barroso President of the European Commission Speech by President Barroso at the EP debate on the review of the Polish Presidency European Parliament plenary session Strasbourg, 14 December 2011 

Speech by President Barroso "A modernized partnership for a stronger and closer Union" at the Council of European Municipalities and Regions

13/12/2011

José Manuel Durão Barroso President of the European Commission A modernized partnership for a stronger and closer Union CCRE 2011-Governing in partnership Brussels, 12 December 2011


Vice President Olli Rehn pdf - 16 KB [16 KB] English (en)

13/12/2011

"Today, 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."


Quarterly Report on the Euro Area: Investing in knowledge is the best way to foster growth English (en)

13/12/2011

The Quarterly Report on the Euro Area published today shows that the key to safeguarding future jobs and prosperity in euro area economies lies in investment in skills and Research and Development (R&D).


Speech by President Barroso at the EP debate on the conclusions of the December European Council

13/12/2011

The Commission's fundamental point of departure for last week's European Council was crystal clear: The European Union needed to give a comprehensive response to the current crisis, making a firm commitment to the Euro and to the irreversibility of our currency.


EU economic governance "Six Pack" enters into force

12/12/2011

On 13th December 2011, the reinforced Stability and Growth Pact (SGP) enters into force with a new set of rules for economic and fiscal surveillance - the so-called "Six Pack". The measures form the most comprehensive reinforcement of economic governance in the EU and the euro area since the launch of the Economic Monetary Union almost 20 years ago.

Video of the press conference by EbS

Presentation from the press conference


DG ECFIN initiates information campaign on the euro in China English (en)

12/12/2011

What's the purpose of the euro and why does it matter to China?


Statement by President Barroso at the press conference following the European Council

09/12/2011

Mr Barroso noted that "work will now begin to rapidly flesh out the details of this new treaty. The Commission will be active to ensure swift preparation of a treaty that is fully compatible with EU law and also that preserves the role of the European institutions."


European Council Press Release - Economic and Financial Affairs

08/12/2011

The Council approved the EU's general budget for 2012, as agreed with the European Parliament
within the Conciliation Committee on 18 and 19 November.


Background note on European Council

08/12/2011

EU Heads of State or government will discuss economic issues, with a focus on measures aimed at
enhancing growth, strengthening economic convergence and fiscal discipline within the euro area,
including exploring the possibility of limited Treaty changes. They will do so at an informal dinner
on Thursday night, 8 December, notably on the basis of a report prepared by the President of the
European Council in close collaboration with the President of the Commission and the President of
the Eurogroup.

Statement by the EC and the IMF on the Review Mission to Latvia

08/12/2011

Staff teams from the European Commission (EC) and the International Monetary Fund (IMF) visited Riga bewteen 28 October and 10 November for discussions on the fifth and final review of the international financial support programme with Latvia. The teams have now reached agreement at staff level on the review.


Remarks by President Barroso on the arrival to the EPP meeting in Marseille on the forthcoming European Council

08/12/2011

Mr Barroso said: "The Summit that we are going to start tonight in Brussels is indeed a crucial one. What I expect from all Heads of State and Government is they do not come saying what they can not do but what they will do for Europe. "

 


Vice President Olli Rehn European Commission English (en)

07/12/2011

Vice President Rehn meets with Europe Committee - Bundestag, 7.12.2011

"On Friday in the European Council, our common goal should be to reach an agreement that will convince the creditors and EU citizens of a way forward to a closely integrated economic union."

More


Commission publishes positive Autumn 2011 report on the Economic Adjustment Programme for Ireland English (en)

07/12/2011

This paper reports on the joint fourth EU-IMF review of policy conditionality under the financial assistance programme to Ireland (updated programme documents are presented in an annex).


Vice President Olli Rehn European Commission English (en)

04/12/2011

Statement of Vice President Olli Rehn on the adoption by the Italian Government of extraordinary fiscal and economic measures

"I welcome the adoption of the significant package of budgetary and economic policy measures by the Italian government today. This package is a very important step to shore up the public finances and support economic growth, while preserving social equity and fairness, through measures concerning taxes, pensions, reform of public administration, liberalisations and incentives to firms."

More


Statement of Vice President Olli Rehn on the adoption by the Italian Government of extraordinary fiscal and economic measures English (en)

04/12/2011

In the statement, Vice President Rehn welcomed the adoption by the Italian Government of a far-reaching package of fiscal measures and economic reforms and  described it as a much needed signal of a new approach to economic policy-making in the country.


Commission welcomes the top up of co financing rates for Europe's struggling economies

01/12/2011

Today, only 4 months after Commission's proposal (IP/11/942), the European Parliament agreed to supplementary EU co-financing to countries facing particular difficulties in managing public debt/deficit and ensuring financial stability. The Commission proposal was part of the package adopted on 1 August to increase the EU co financing in cohesion, fisheries and rural development policies for countries that have received financial assistance under the balance of payments support mechanism (Romania, Latvia and Hungary) or under the European Financial Stability Facility (Greece, Ireland and Portugal). The agreement by the Council, which will complete the adoption process, is expected to take place soon.


Commissioner Hahn proposes extra support for small companies through structural funds

30/11/2011

The European Commission today adopted a measure to reinforce investment in businesses in all Member States through financial engineering instruments. The aim is to use structural funds as a guarantee for small and medium-sized enterprises (SMEs) to gain access to credit. The new measure allows investing in enterprises at any stage of their normal business activity and not only at the time when they are established or are expanding, as was the case until now. This measure is of particular importance in times of lack of liquidity for enterprises and public budgetary constraints.


Commissioner Hahn welcomes the updated list of EU co-funded priority projects in Greece

30/11/2011

Following a meeting on 28 November between European Commissioner for Regional Policy Johannes Hahn and the governors of the Greek regions and mayors of the main cities in Greece, an updated list of priority projects to be co-funded by the European Commission was presented.

Preparation of Eurogroup and Economic and Finance Ministers Council, Brussels, 29-30 November 2011

30/11/2011

The Eurogroup meeting will start on Tuesday 29 November at 17.00. The European Commission will be represented by Vice President for Economic and Monetary Affairs and the Euro Olli Rehn. A press conference is expected to take place after the meeting.


Speech by Vice-President Olli Rehn for the EU Summit European Parliament Plenary Session in Brussels

30/11/2011

Mr. Rehn discussed the preparations for next week's European Council with this House on behalf of President Barroso.


Speech by President Barroso in the meeting with EU Heads of Delegation: "A Europe for all weathers"

30/11/2011

Mr Barroso said: "there are moments in time when history accelerates, when we reach crossroads, when uncertainties are high, when we have to embrace change, overcome the status quo and take critical decisions that will reshape our environment.

Overcoming this crisis is our first priority. This is essential for our economies, for our citizens, for our social model but also for our foreign policy. As you know well the attractiveness of our model, the strength of our currency, and the size of our internal market are Europe's best assets when facing today's world.

Our challenge is to allow the European Union to maintain its place and its political and economic influence in a world where geopolitical, geo-economic and geostrategic realities are undergoing profound changes."


Vice President Olli Rehn European Commission English (en)

29/11/2011

Transcript of Vice President Olli Rehn's declaration after the Eurogroup

"Today's discussions in the Eurogroup focussed both on creating stronger financial firewalls and building a stability union. There is no single "silver bullet" that will get us out of the crisis. Instead, we need to work on all fronts. The decisions of the Eurozone Summit of 26-27 October do precisely that and they must be fully implemented. "


Statement by President Barroso at the joint press point with President Obama and President Van Rompuy

29/11/2011

The European Union and the United States have just concluded a very useful, substantive and rewarding meeting. The European Union and the US are longstanding partners and staunch allies. The transatlantic relationship is indispensable to tackle the common challenges that we face. We have just reaffirmed our determination to work closely together for the stability of the global economy and for the benefit of our peoples.


Statement by Vice President Olli Rehn on Belgium

28/11/2011

"I welcome the agreement presented today by Mr Elio Di Rupo today on the measures to underpin the Belgian federal budget with the aim of bringing the general government deficit to 2.8% of GDP in 2012, as recommended by the EU Council, and of paving the way for further consolidation in 2013 and 2014.

Mr Di Rupo's announcement that the budget law should be worked out very soon is equally important, as it should provide for a swift and full assessment by the European Commission under the excessive deficit procedure''.

 


Vice President Olli Rehn European Commission English (en)

23/11/2011

Joint press conference by José Manuel Barroso, President of the EC, and Olli Rehn, Vice-President of the EC, on the adoption of new economic governance package -  23 November 2011

"The current situation requires extraordinary and decisive policy action.

To restore growth and safeguard the European integration project action is needed on broad front.

- Annual Growth Survey spells out our view of the policy priorities in the coming 12 months to restore macro-financial stability and rekindle growth
- Two proposals for new regulations will strengthen fiscal surveillance in the euro area.
- The feasibility study on stability bonds examine the potential benefits for financial stability of jointly issues bonds and the precondition for their issuance. "


Commission publishes Green Paper on stability bonds and opens consultation English (en)

23/11/2011

The Green Paper published by the European Commission today structures the political debate in the EU on the rationale, pre-conditions and possible options of financing public debt through Stability Bonds


Commission proposes two new Regulations to further strengthen budgetary surveillance in the euro area English (en)

23/11/2011

The Commission today unveiled two additional pieces of legislation aimed at strengthening the surveillance mechanisms and promoting further economic integration and convergence in the euro area. The two proposed Regulations build on what was already agreed in the ‘Six Pack’ set of legislative measures which will enter into force in mid-December.


Speech by Commissioner Rehn - On the way to a new stability culture in Europe Arbeitgebertag Berlin, 22 November 2011

23/11/2011

As employers, you need to know concretely where Europe is heading. You need a predictable planning horizon in order to be able to contribute to growth and jobs. This is also our interest in the European Commission, and I will present to you our plan. But before doing so, let me say a few words about the current situation in Europe's economy.


Speech by President Barroso - Presentation of the 2012 Annual Growth Survey and economic governance proposals

23/11/2011

The package the Commission has adopted just today is about stability and further strengthening economic governance. It is about the short and the long term prospects for our Union and the euro, our currency. We believe that we will only succeed in re-establishing confidence if we recognise that the current crisis demands not only emergency measures but also lasting solutions to the structural challenges that this crisis has been exposing.


Mr. László ANDOR "Boosting job creation and addressing the social consequences of the crisis"

23/11/2011

Europe is going through a very difficult period. We must provide a convincing response to the crisis. Yet the need for fiscal consolidation is limiting Member States' room for manoeuvre to introduce new stimulus programmes.


Algirdas Šemeta EU Commissioner for Taxation and Customs Union, Audit and Anti-Fraud "Tax reforms needed for consolidation and growth"

23/11/2011

In the coordination of fiscal policies, a new element is recognised this year in the AGS: Tax policy is fundamental for economic recovery. Moreover, the quality of taxation will determine whether we sink or swim.


Olli Rehn Vice-President of the European Commission and member of the Commission responsible for Economic and Monetary Affairs and the Euro The Commission's initiative for growth, governance and stability Press Conference Brussels, 23 November 2011

23/11/2011

The Annual Growth Survey spells out our view of the policy priorities in the coming 12 months to restore macro-financial stability and rekindle growth. Two proposals for new regulations will strengthen fiscal surveillance in the euro area. The feasibility study on stability bonds examines the potential benefits for financial stability of jointly issues bonds and the precondition for their issuance.


European Commission Green Paper on the feasibility of introducing Stability Bonds

23/11/2011

The Green Paper published by the European Commission today structures the political debate in the EU on the rationale, pre-conditions and possible options of financing public debt through Stability Bonds. Such common issuance of bonds by the euro-area Member States would imply a significant deepening of Economic and Monetary Union. It would create new means through which governments finance their debt, by offering safe and liquid investment opportunities for savers and financial institutions and by setting up a euro-area wide integrated bond market that matches its US Dollar counterpart in terms of size and liquidity.


Speech: On the way to a new stability culture in Europe pdf - 25 KB [25 KB] English (en)

22/11/2011

"Now we must bring the stability culture to fiscal policy. We have made progress: New legislation to strengthen the Stability and Growth Pact proposed a year ago will enter into force shortly. It will allow us to tackle both fiscal and macro-economic imbalances of a Member State much earlier than has been the case. The new tools include the possibility of financial sanctions if a euro area Member State does not follow the EU recommendations to put its fiscal house in order.

And rest assured, I will make full use of all these new instruments from Day One of their entry into force. We cannot afford to tolerate a breach of jointly agreed rules by anyone anymore. We have seen, only too concretely, that it happens at the cost of other Member States."


Statement by President Barroso following the meeting with Italian Prime Minister Mario Monti

22/11/2011

The President stressed his confidence that Italy was taking the right steps to tackle the challenges that face it, and that he knew Mario Monti to be "a competent, experienced politician, a very committed Italian and European."


First quarterly report of the Task Force for Greece

17/11/2011

In addition to fiscal consolidation as an important first step on Greece's long road to recovery, the country has also begun a programme of profound structural reform and work towards a more efficient public administration. Following the economic adjustment programme the Greek government has taken some important first steps in this direction over the past 18 months.


Speech by President Barroso: "Debate on economic governance" European Parliament Strasbourg, (SPEECH/11/760)

16/11/2011

Economic recovery has hit a standstill. Since our last fully-fledged forecast in May, global economic conditions have worsened. Investment and consumption are stagnant and being damaged by a persistent lack of confidence. Growth forecasts are low and unemployment is set to remain at around 10% for the next two years at 23 million people across the European Union in this terrible situation. Added to this are the continued turbulent events in the sovereign bond markets – meaning that our challenges are of a greater magnitude.


Statement by the EC, ECB, and IMF on the Second Review Mission to Portugal

16/11/2011

Staff teams from the European Commission (EC), European Central Bank (ECB), and the International Monetary Fund (IMF) visited Lisbon during November 7-16 for the second quarterly review of Portugal’s economic program. The mission has reached staff-level agreement on economic and financial policies to meet the program’s objectives. Strict implementation of these policies will be needed to restore external competitiveness, bolster confidence in the sustainability of public finances, and maintain financial stability while ensuring adequate credit in support of sustainable growth.


Statement by President Barroso and President Van Rompuy on the designation of Lucas Papademos as Prime Minister of Greece

14/11/2011

The agreement to form a government of national unity opens a new chapter for Greece. We have long stressed the need for a broad political consensus around measures to lift Greece out of this deep economic crisis. As such, we warmly welcome this news.


Joint statement by European Commission President Barroso and European Council President Van Rompuy on the decision to ask Mario Monti to form the next Italian government

14/11/2011

We welcome the decision by the President of the Italian Republic to ask Senator Mario Monti to form a government of national unity.


Autumn forecast 2011-13: Growth at a standstill English (en)

10/11/2011

Since the last fully-fledged forecast in May 2011, the outlook for the EU and the euro area has deteriorated. The protracted sovereign-debt crisis has taken its toll on confidence affecting investment and consumption. The first signs of improvements for GDP are projected for the second half of 2012, however, with very limited impact on job creation.


Autumn forecast 2011-13 English (en)

10/11/2011

"Growth has stalled in Europe, and there is a risk of a new recession. While jobs are increasing in some member states, no real improvement is forecast in the unemployment situation in the EU as a whole. The key for the resumption of growth and job creation is restoring confidence in fiscal sustainability and in the financial system and speeding up reforms to enhance Europe's growth potential. There is a broad consensus on the necessary policy action. What we need now is unwavering implementation. On my part, I will start using the new rules of economic governance from Day one."


Press points Vice President Olli Rehn

09/11/2011

While we are indeed moving forward to strengthen economic governance in the EU, it is important to strictly and fully implement what we have already at our disposal in terms of economic surveillance. This is also key to reinforce confidence among the general public and market participants.


Vice President Rehn at the Research Seminar on G 20, EU Institute for Security Studies English (en)

08/11/2011

Ladies and Gentlemen,

Thank you for your kind invitation to address such a distinguished audience. In my intervention, I will focus on the main achievements of the G20 summit in Cannes, where we started the meeting not just in stormy and rainy weather, but also in a rather stormy mood.

In Cannes, much attention was paid and time spent on the euro area. We received strong support and plenty of advice from our global partners. The G20 welcomed the decisions taken by European leaders on 26 October 2011 to restore debt sustainability in Greece, strengthen European banks, build firewalls to avoid contagion and lay down the foundations for robust economic governance in the euro area.


Vice President Olli Rehn following ECOFIN Council

08/11/2011

"Let me be very blunt on this: It's either the EU institutions, according to our own rules, procedures and democratic accountability, or the market forces that will do the job. For me, as a committed European and a committed democrat, the choices are clear."


Introductory remarks by President Barroso following the G20 Summit Joint EU Press Conference Cannes

04/11/2011

"Indeed the situation in the Euro area has grabbed a lot of attention at this G20. The latest developments required a lot of extra work on the spot by the EU institutions and from some of the members present here."


President Barroso appoints Olli Rehn Vice-President for economic and monetary affairs and the Euro English (en)

27/10/2011

"Today, I can announce to you that I intend to entrust Olli Rehn with a reinforced status and additional working instruments. He is to become Commission Vice-President for economic and monetary affairs and the Euro. This is the best way to guarantee the independence, objectivity and efficiency in the exercise of the Commission's responsibility of coordination, surveillance and enforcement in the area of economic governance of the Union and of the euro area in particular. I think it is also important and relevant not only from a substantive, but also from a symbolic point of view, and symbols are important, that having a Commissioner specially dedicated to the euro, we assert that we want the euro governance to take place inside the community method and with the community institutions."


President Barroso appoints Commissioner Rehn as Commission Vice President with additional working instruments

27/10/2011

European Commission President Jose Manuel Barroso, has decided to reinforce the role of the Commissioner competent for economic and monetary affairs by elevating the post to that of Vice-President, and giving the post-holder additional working instruments.


A pilot for Europe 2020 Project Bond Initiative – Innovative financial instruments English (en)

20/10/2011

In the framework of the Connecting Europe Facility, Commissioner Olli Rehn presented a proposal for the pilot phase of the Europe 2020 Project Bond Initiative as well as a Communication on the next generation of innovative financial instruments


Statement by the EC, ECB, and IMF on the Review Mission to Ireland

20/10/2011

Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) visited Dublin during October 11–20 for the regular quarterly review of the government’s economic programme. As envisaged when the mission was scheduled, policy discussions have been concluded with the exception of the specific fiscal measures to be included in Budget 2012, which are being determined by the Government and will be assessed by the three institutions in the coming weeks. Following these decisions, the EC and IMF missions will seek approval for the completion of this review from the European Council and the IMF Executive Board respectively.


A roadmap to stability and growth: Communication of the Commission pdf - 39 KB [39 KB] English (en)

14/10/2011


Speech by President Barroso: "A Roadmap to Stability and Growth" English (en)

13/10/2011

Speech by President Barroso: "A Roadmap to Stability and Growth" European Parliament debate ahead of the European Council Brussels, 12 October 2011


03 - Quarterly report on the euro area. October 2011 English (en)

11/10/2011

In its focus section, the October 2011 edition of the Quarterly Report examines the challenge of sovereign debt sustainability in the euro area. Not only do the higher debt levels following the crisis require higher primary surpluses to cover the additional interest payments, but high debt can also act as a brake on growth.


First EU-Belarus dialogue on economic and financial issues English (en)

06/10/2011

The first EU-Belarus technical level dialogue on economic and financial issues was held in Minsk on 6 October 2011.


Commissioner Rehn comments on the new rules for EU economic governance English (en)

05/10/2011

Brussels, 5/10/2011 : Commissioner Rehn comments on the new rules for EU economic governance:

The ECOFIN Council today reached a political agreement on the legislative package to reinforce EU's economic governance. This agreement follows last week's approval by the European Parliament.


Statement by President Barroso on the final agreement on the economic governance package English (en)

04/10/2011

Today, we have turned a page. The agreement in the ECOFIN Council marks the end of a year-long debate and the start of a new era of more robust economic governance in Europe.


Commissioner Rehn after the Eurogroup English (en)

03/10/2011

Luxembourg 3/10/2011 : Commissioner Rehn after the Eurogroup:

"I will not hesitate to fully apply the new rules from 1st of January. And I expect the Member States to play by the rules so we don't have to face a similar crisis never again."


Commissioner Rehn after the Eurogroup English (en)

03/10/2011

Luxembourg 3/10/2011 : Commissioner Rehn after the Eurogroup:

"I will not hesitate to fully apply the new rules from 1st of January. And I expect the Member States to play by the rules so we don't have to face a similar crisis never again."


Preparation of Eurogroup and Economic and Finance Ministers Council, Luxembourg, 3-4 October 2011 (MEMO/11/657)

03/10/2011

The Eurogroup meeting will start on Monday 3 October at 17H. The European Commission will be represented by Economic and Monetary Affairs Commissioner Olli Rehn. A press conference is expected to take place after the meeting.


State of the Union 2011 Address at the European Parliament

28/09/2011

Nous sommes aujourd'hui confrontés au plus grand défi qu'ait connu notre Union, je le crois dans toute son histoire. Il s'agit d'une crise financière, économique et sociale. Mais aussi une crise de confiance. Tant à l'égard de nos dirigeants en général, de l'Europe elle-même, de notre capacité à trouver des solutions.
>> Stability and responsibility


>> Growth and solidarity


Closing speech by President Barroso at the State of the Union debate at the European Parliament

28/09/2011

"To protect our interest, to defend our values in the world of globalisation, to speak with one voice with our American friends or with China and Russia, we need a stronger European Union, and this stronger European Union is the way to reinforce also our countries"


European Parliament Issues FAQ on the economic governance "six pack"

23/09/2011

The following FAQ provides answers to some of the most common questions as a result of the deal.


Deal reached on "six-pack" of economic governance legislation

23/09/2011

The finance ministers of all the member states reached agreement on a package of six legislative acts (the "six-pack") to strengthen economic governance in the European Union, and more specifically in the eurozone.


EU Economic governance "Six Pack" - State of Play

22/09/2011

In September 2010 the Commission presented six legislative proposals on economic governance (the so-called Six-Pack).


Strong demand for EU €4 billion 15 year bond in support of Ireland and Portugal

22/09/2011

The European Union today placed a €4 billion bond with 15 years maturity under the European Financial Stabilisation Mechanism (EFSM).


Task Force for Greece press conference in Athens English (en)

21/09/2011

Horst Reichenbach, Head of the Task Force (TF) of the European Commission in charge of providing technical assistance to Greece held a press conference on 15 September to report on his first round of meetings with the Greek authorities during his first visit. With the aim to identify all possible ways of cooperation, Mr Reichenback stressed that the TF will help to implement Greece's reform programme and to better absorb financial means coming from EU structural funds. Located both in Brussels and in Athens, the TF would also channel the large good will of other EU Member States.


Statement on the ongoing Fifth Review of the implementation of the Greek Programme English (en)

20/09/2011

The mission chiefs of the European Commission, the IMF and the ECB today held a conference call with the Greek Minister of Finance. Good progress was made, and technical discussions will continue in Athens over the coming days.


Press conference by Horst Reichenbach, Head of the Task Force of the EC in charge of providing technical assistance to Greece

20/09/2011

Horst Reichenbach, Head of the Task Force (TF) of the European Commission in charge of providing technical assistance to Greece held a press conference on 15 September to report on his first round of meetings with the Greek authorities during his first visit. With the aim to identify all possible ways of cooperation, Mr Reichenback stressed that the TF will help to implement Greece's reform programme and to better absorb financial means coming from EU structural funds. Located both in Brussels and in Athens, the TF would also channel the large good will of other EU Member States.


Statement of the European Commission on new fiscal measures announced by Italian Government

20/09/2011

The European Commission welcomed the new measures announced on 7 September by the Italian Government. They confirm the determination of the Italian authorities to meet the agreed targets of deficit and debt reduction, while contributing to tackle the deep rooted structural weaknesses of the Italian economy. The decision on retirement age is also an important signal. The confirmation of the decision to introduce in the Constitution the principle of a balanced budget and the abolition of provinces are decisive improvements in the institutional framework of Italy, and contribute to ensure budgetary discipline on a permanent basis. The In conclusion, the Commission called on swift adoption of the adjustment package in a spirit of national cohesion and solidarity.


Statement of the European Commission on new fiscal measures announced by Italian Government (MEMO/11/584)

20/09/2011

The European Commission welcomed the new measures announced on 7 September by the Italian Government. They confirm the determination of the Italian authorities to meet the agreed targets of deficit and debt reduction, while contributing to tackle the deep rooted structural weaknesses of the Italian economy. The decision on retirement age is also an important signal. The confirmation of the decision to introduce in the Constitution the principle of a balanced budget and the abolition of provinces are decisive improvements in the institutional framework of Italy, and contribute to ensure budgetary discipline on a permanent basis. The In conclusion, the Commission called on swift adoption of the adjustment package in a spirit of national cohesion and solidarity.


Statement by President Barroso following the trilogue agreement on the economic governance package

20/09/2011

"Today, an agreement has been finalised which, pending formal endorsement by the European Parliament and the Council in the coming weeks, will allow this package to enter into force. This is excellent news for Europe"


Commission publishes interim economic forecast English (en)

15/09/2011

The forecast, which  contains updated projections for GDP growth and inflation for the seven largest EU Member States, the euro area and the EU, sees the recovery stalling amid the continuing financial market crisis


Speech by President Barroso to the European Parliament during the debate on the economic crises and the euro

14/09/2011

Mr Barroso said that Europe is facing the most serious challenge of a generation.


EU issues €5 billion 10 year bond for Portugal

14/09/2011

The new bond is the second with a 10 years maturity placed by the EU under the EFSM so far. The €5 billion benchmark matures on 21 September 2021, pays a coupon of 2.75% and was priced at mid-swaps +20 basis points.


EU to issue new 10 year benchmark bond for Portugal this week

13/09/2011

This week the European Union (EU) will issue a benchmark bond with 10 years maturity to fund lending to Portugal granted under the European Financial Stabilisation Mechanism (EFSM).


Statement by President Barroso following his meeting with Italian Prime Minister Silvio Berlusconi

13/09/2011

President Barroso said that the next steps on economic governance must provide the right methods and instruments for reinforced fiscal coordination and common discipline among the countries that share the euro.


Questions and Answers on the Task Force for Greece

13/09/2011

This Q and A provides an overview of the Task Force which will identify and co-ordinate technical assistance to Greece under the EU/IMF adjustment programme and accelerate the absorption of EU funds.

Statement on Greece by Commissioner Rehn (MEMO/11/592)

12/09/2011

Mr Rehn welcomed the commitment by Greece to fully meet the agreed fiscal targets this year and next, and to take the necessary consolidation measures to achieve these objectives. He also called on euro area member States to finalise the technical issues and implement the decisions taken at the eurozone summit of 21 July as soon as possible.

Statement on Greece by Commissioner Rehn

12/09/2011

Mr Rehn welcomed the commitment by Greece to fully meet the agreed fiscal targets this year and next, and to take the necessary consolidation measures to achieve these objectives. He also called on euro area member States to finalise the technical issues and implement the decisions taken at the eurozone summit of 21 July as soon as possible.

Statement of Commissioner Rehn on Greece English (en)

11/09/2011

Greece needs to meet the agreed fiscal targets and implement the agreed structural reforms to fulfil the conditionality and ensure funding from its partners. This is fundamental to ensure the sustainability of public finances, to improve perspectives for the Greek citizens in terms of growth, jobs and welfare.



Results of the third Review Mission show Ireland well on track

09/09/2011

The joint European Commission/ECB/IMF mission was in Dublin during 6-15 July 2011. Important progress has been made in the areas of fiscal consolidation, strengthening of the domestic financial sector and growth-enhancing structural reforms, in line with the Council Implementing Decision 2011/77/EU. The third instalment of €5.5 billion is planned to be disbursed to Ireland in two tranches, by end-September and end-October.


Viviane Reding: 'The end of Europe? No, the beginning of a stronger, more united Europe'

09/09/2011

"The euro is a global currency. Some do not like this fact. They are the same who wanted the euro dead before it was born. They are the same who try to destabilise the markets in Europe in order to divert the attention away from deep budgetary and monetary problems in other continents. We should not fall into this trap because the euro is our currency and it is a strong currency. And we will pool all our forces and determination to ensure that it continues to grow for the benefit of all Europeans" said Vice-President Viviane Reding today in Helsinki.


Olli Rehn European Commissioner for Economic and Monetary Affairs Overcoming the Economic Crisis in Greece and Europe "Reset Greece" - ALDE Seminar Brussels

07/09/2011

There are currently rather high expectations on how eurobonds could help solve the debt crisis by pooling the debt issuance of euro-area member states. However, it is clear that eurobonds, in whatever form they were to be introduced, would have to be accompanied by a substantially reinforced fiscal surveillance and policy coordination as an essential counterpart, so as to avoid moral hazard and ensure sustainable public finances. This would have unavoidable implications for fiscal sovereignty, which calls for a substantive debate in euro area member states.


Commission publishes 2011 Public Finances Report English (en)

07/09/2011

The report reviews proposed reforms of the EU budgetary surveillance in the wake of the crisis. The sustainability of the public finances is seen as the key policy concern.


Statement of the European Commission on new fiscal measures announced by Italian Government English (en)

07/09/2011

The European Commission welcomes the new measures announced today by the Italian Government.


Statement by the European Commission, the ECB and IMF on the Fifth Review Mission to Greece

02/09/2011

A joint EC/ECB/IMF team has been discussing recent economic developments and reviewing policy implementation in the context of the fifth review of Greece's economic program.


Statement by the European Commission on Belgium English (en) français (fr) Nederlands (nl)

01/09/2011


Economic sentiment down further in both the EU and the euro area English (en)

30/08/2011

In August, the Economic Sentiment Indicator (ESI) declined by 5.0 points to 97.3 in the EU and by 4.7 points to 98.3 in the euro area.

Speech by Commissioner Olli Rehn on "Economic outlook and governance in the euro area" at the Extraordinary ECON meeting at the European Parliament in Brussels.

29/08/2011

Mme Chair, Honourable Members, I would like to thank you for your invitation to this meeting to discuss recent developments in the European economy. Let me first assess the current economic and financial market situation before focusing on some specific points of legislative or institutional nature related to the debt crisis.


Speech Olli Rehn conserning the economic outlook and governance in the euro area

29/08/2011

In the first half of 2011, the EU economy continued its gradual recovery, although recently with a slower pace. After the strong GDP growth in the first quarter (0.8% quarter-on-quarter), the second quarter recorded slower growth (to 0.2% q-o-q). Short-term indicators for the euro area point to a further moderation of growth.


Mikkelissä sunnuntaina 21.8.2011

22/08/2011

Keskustelu ehdokkaista vuoden 2012 presidentinvaalissa on käynnissä. Myös minua on pyydetty harkitsemaan ehdokkuutta. Arvostan niitä yhteydenottoja, joita olen asiassa saanut eri puolilta suomalaista yhteiskuntaa.

English version


Statement by President Barroso and Commissioner Rehn on today's proposals by President Sarkozy and Chancelor Merkel English (en)

16/08/2011

After a working meeting in Brussels, European Commission President, José Manuel Barroso, and Commissioner for economic and monetary affairs, Olli Rehn, issued the following statement.


Statement by President Barroso and Commissioner Rehn on today's proposals by President Sarkozy and Chancelor Merkel English (en) français (fr)

16/08/2011

The proposals made today by President Sarkozy and Chancellor Merkel are a welcome step forward in our common efforts to strengthen the governance of the euro area. They represent an important political contribution by the leaders of the two largest euro area economies to this debate and the on-going work.


Sivistysliikkeen tehtävistä Suomessa ja Euroopassa

12/08/2011

Hyvä Jorma, hyvät ystävät, Kiitän kutsusta osallistua tähän Jorma Keräsen kunniaksi järjestettyyn tilaisuuteen. Tämä on minulle kunniatehtävä! Olet Jorma tehnyt mittavan työn ajatuksen kirkastajana ja kansalaisten kasvattajana täällä Alkio-opistolla. Työsi vaikutukset ovat täällä opiskelleiden ihmisten välityksellä heijastuneet laajalle yhteiskuntaan ja eri puolille maatamme ja maailmaa. Alkio-opisto on sivistyshenkisen tehtävänsä puolesta mitä mainioin ja motivoivin työpaikka. Puhun sikäli kokemuksen rintaäänellä, että tein täällä usein valistustyötä ja vaimoni on puolestaan suorittanut kulttuurisihteerin tutkinnon Alkio-opistossa.


Positive statement by the EC, ECB, and IMF Troika on the First Review Mission to Portugal

12/08/2011

Staff teams from the Commission, ECB and IMF have held the first regular quarterly review of the government’s economic programme. In their assessment, Portugal is on track. The Troika welcomed the new government’s commitment to the ambitious and comprehensive program agreed in May 2011. Live press conference from Lisbon

Video coverage available on EbS


Ongoing developments in the eurozone

05/08/2011

I will start by stating the obvious: markets have not reacted as we expected or hoped for to the measures agreed by euro-area Heads of State and Government on 21 July.
The spread of bond-market tensions across the euro area is, however, not justified by economic and budgetary fundamentals. Economic recovery is proceeding in most parts of the euro area, while important steps in budgetary consolidation and structural reform are underway across Europe and in particular in those Member States most exposed to market tensions.
>> Video


Letter from President Barroso to the members of the European Council pdf - 45 KB [45 KB] English (en)

04/08/2011

"Euro-area financial stability must be safeguarded, with all EU institutions playing their part with the full backing of euro area Member States."

"I would like to call on you to accelerate the approval procedures for the implementation of these decisions so as to make the EFSF enhancements operational very soon."

"I trust that governments and national Parliaments will rapidly approve these decisions necessary to improve the EFSF flexibility."


Statement by President Barroso on the euro area sovereign bond markets

03/08/2011

Developments in the sovereign bond markets of Italy and Spain are a cause of deep concern. These developments are clearly unwarranted on the basis of economic and budgetary fundamentals in these two Member States and the steps that they are taking to reinforce those fundamentals. In fact, the tensions in bond markets reflect a growing concern among investors about the systemic capacity of the euro area to respond to the evolving crisis.


Statement by the EC and IMF on the Review Mission to Romania

01/08/2011

Staff teams from the European Commission (EC) and the International Monetary Fund (IMF) visited Bucharest from July 20 until August 1, for the regular quarterly review of Romania’s economic program. The objectives of the program are to solidify economic growth while maintaining macroeconomic and financial stability.


Economic sentiment drops in both the EU and the euro area English (en)

28/07/2011

The Economic Sentiment Indicator (ESI) for the EU and the euro area declined in July but remains above its long-term average.


Information on IIF offer and debt-buy-back scheme English (en)

27/07/2011

The gross PSI contribution will be EUR 135 billion via a voluntary exchange of bonds maturing between 2011 and 2020, assuming a 90% participation rate across four schemes


Statement by Commissioner Rehn on Euro Area Summit - press release

22/07/2011

"Yesterday, the Euro-area leaders took decisions that steer the euro-area out of the storm of the past few months. The choices made will bring important benefits for European citizens, for the stability of the euro-area and for the global economy."


Speech by José Manuel Durão Barroso following the meeting of the Heads of State or Government of the Euro Area

22/07/2011

President Barroso praised the outcome of the meeting, saying "I think that it is the first time since the beginning of this crisis that we can say that politics and the markets are coming together".


Statement by Commissioner Rehn on Euro Area Summit - press release

22/07/2011

"Yesterday, the Euro-area leaders took decisions that steer the euro-area out of the storm of the past few months. The choices made will bring important benefits for European citizens, for the stability of the euro-area and for the global economy."


Statement by President Barroso ahead of the meeting of the Heads of State or Government of the Euro area

20/07/2011

Tomorrow, 24 hours from now precisely, the Heads of State and Government of the Euro area will meet in Brussels to address the present challenges in the Euro area. Nobody should be under any illusion: The situation is very serious. It requires a response. Otherwise the negative consequences will be felt in all corners of Europe and beyond.


Statement by Commissioners Barnier and Rehn following the publication by the European Banking Authority of the 2011 stress test results English (en)

15/07/2011

The repair of the EU banking sector is an important element of a comprehensive response to the current crisis. That is why we welcome the publication of the results of the EU wide stress test as they represent another step in this process of repair.


Statement by Commissioners Barnier and Rehn on the 2011 EBA stress test results

15/07/2011

The EU-wide stress tests are more rigorous than those conducted previously. In particular, the definition of capital is stricter, the scenarios used are more severe, and for the first time, a thorough peer review exercise has been conducted to ensure coherence and consistency of results. We emphasise the full and detailed transparency attached to these tests, for example as regards sovereign exposures.


Positive statement by the EC, ECB, and IMF on the Review Mission to Ireland English (en) français (fr)

14/07/2011

Staff teams from the European Commission, European Central Bank and the International Monetary Fund visited

Dublin during July 6-14 for the regular quarterly review of the government’s economic programme. Their assessment is that the programme remains on track and is well financed.

 


Positive statement by the EC, ECB, and IMF on the Review Mission to Ireland

14/07/2011

Staff teams from the European Commission, European Central Bank and the International Monetary Fund visited Dublin during July 6-14 for the regular quarterly review of the government’s economic programme. Their assessment is that the programme remains on track and is well financed. 

 


Treaty establishing the European Stability Mechanism (ESM)

12/07/2011

Between the kingdom of Belgium, the federal republic of Germany, the republic of Estonia, Ireland, the Hellenic republic, the kingdom of Spain, the French republic, the Italian republic, the republic of Cyprus, the grand duchy of Luxembourg, Malta, the kingdom of the Netherlands, the republic of Austria, the Portuguese republic, the republic of Slovenia, the Slovak republic, the republic of Finland


Statement by the Eurogroup

12/07/2011

Ministers reaffirmed their absolute commitment to safeguard financial stability in the euro area. To this end, Ministers stand ready to adopt further measures that will improve the euro area’s systemic capacity to resist contagion risk, including enhancing the flexibility and the scope of the EFSF, lengthening the maturities of the loans and lowering the interest rates, including through a collateral arrangement where appropriate. Proposals to this effect will be presented to Ministers shortly.


Quarterly report on the euro area - European Semester helps to tackle the ongoing debt crisis English (en)

11/07/2011

This issue of the Quarterly Report focuses on the EU's new integrated policy surveillance, which is centred upon the recently-completed European Semester. 


Treaty establishing the European Stability Mechanism (ESM) signed English (en)

11/07/2011

The signing of the Treaty paves the way for the ESM to take over from the European Financial Stability Facility and the European Financial Stabilisation Mechanism in July 2013


Preparation of Eurogroup and Economic and Finance Ministers Council

11/07/2011

The Eurogroup meeting will start on Monday 11 July at 15h00. The European Commission will be represented by Economic and Monetary Affairs Commissioner Olli Rehn. A press conference is expected to take place after the meeting.


The European Commission and Romania sign Memorandum of Understanding (MoU) on EUR 1.4 billion pre-cautionary balance-of-payments assistance English (en)

04/07/2011

Joint EU/IMF precautionary financial assistance requested to support the re-launch of the economic growth


The winning design of the new euro coin to mark ten years of euro cash! English (en)

30/06/2011

Euro-area citizens and residents have selected by public web-voting the winning design of a new euro coin that will be issued by all euro-area countries next January to commemorate 10 years of euro banknotes and coins.


Joint statement by President Barroso and President Van Rompuy following the vote in the Greek Parliament on the implementing measures for the revised economic programme English (en)

30/06/2011

"We strongly welcome today's approval by the Greek Parliament of the implementing legislation for the country's revised economic programme. This was the second, decisive step Greece needed to take in order to return to a sustainable path..."


Greece - Commission publishes compliance report and recommends that disbursement should take place ελληνικά (el) English (en)

30/06/2011

A joint Commission / ECB / IMF mission met with the Greek authorities in Athens from 3 May to 2 June, and 21 to 23 June 2011. The mission assessed compliance with the terms and conditions of the Fourth Review under the Economic Adjustment Programme.


Greece - Commission publishes compliance report and recommends that disbursement should take place ελληνικά (el) English (en)

30/06/2011

A joint Commission / ECB / IMF mission met with the Greek authorities in Athens from 3 May to 2 June, and 21 to 23 June 2011. The mission assessed compliance with the terms and conditions of the Fourth Review under the Economic Adjustment Programme.


Joint statement by President Barroso and President Van Rompuy following the vote in the Greek Parliament on the revised economic programme English (en)

29/06/2011

"With today's approval by the Greek Parliament of the revised economic programme, the country has taken an important step forward along the necessary path of fiscal consolidation and growth-enhancing structural reform...."


Statement of Commissioner Olli Rehn on Greece

28/06/2011

This week Greece faces a critical juncture. Both the future of the country and financial stability in Europe are at stake. I fully respect the prerogatives and the sovereignty of the Greek Parliament in the ongoing debate. And I trust that the Greek political leaders are fully aware of the responsibility that lies on their shoulders to avoid default.


Commission statement on the agreement between the Troika and Greek authorities on measures to close the fiscal gap for the years 2011-2014 English (en)

24/06/2011

Heads of Mission of the European Commission, the International Monetary Fund and the European Central Bank (the Troika) and the Greek authorities have reached tonight a satisfactory agreement on a set of measures to close the fiscal gap for the years 2011-2014.


Speech by Commissioner Olli Rehn "Going the last centimeter for reinforced economic governance" at the joint debate on economic governance at the European Parliament in Brussels

23/06/2011

President, Honourable Members, First, let me thank the ECON Chair Sharon Bowles, Rapporteurs Corien Wortmann-Kool, Elisa Ferreira, Vicky Ford, Sylvie Goulard, Diogo Feio, Carl Haglund, as well as the shadow Rapporteurs who played a major part in the negotiations. The Chair, the Rapporteurs and the shadow Rapporteurs have all represented this House with real distinction.


Commisioner Rehn during the join debate on economic governance

22/06/2011

"If there is no agreement this week and no vote latest in July, it will be a very bad deal for Europe and its citizens. And it would only result in frustration, bitterness and a worse outcome for everyone. You have agreed on 99.9% of substance. I ask both sides now to make the last centimetres to reach an agreement with each other.It is of paramount importance, since this package is the cornerstone of our comprehensive response to the still ongoing crisis. It is absolutely crucial for the credibility of the European Union to conclude the package before the summer break – and then move on and put it into use."


Last tranche of €150 million disbursed to Romania under the 2009-2011 BoP support programme English (en)

22/06/2011

Fulfilment by Romania of the measures required for the disbursement of the fifth and final EU instalment


Statement by President Barroso following the confidence vote in the Parliament on the new Greek Government English (en)

22/06/2011

Tonight's vote in the Greek Parliament removes an element of uncertainty from an already very difficult situation. That is good news for Greece and for the European Union as a whole.


Statement by President Barroso following his meeting with the Greek Prime Minister Papandreou

21/06/2011

"This evening I had a useful meeting with the Greek Prime Minister George Papandreou.


Statement by the Eurogroup

20/06/2011

 

Statement by the Eurogroup

 


Statement by Commissioner Rehn on Greece

16/06/2011

I am confident that next Sunday, the Eurogroup will be able to decide on the disbursement of the fifth tranche of the loans for Greece in early July. And I trust that we will also be able to conclude the pending review, in agreement with the IMF.


Statement by Commissioner Rehn on Greece

16/06/2011

I am confident that next Sunday, the Eurogroup will be able to decide on the disbursement of the fifth tranche of the loans for Greece in early July. And I trust that we will also be able to conclude the pending review, in agreement with the IMF.


Signature of the fourth Supplemental Memorandum of Understanding (SMoU) on EU financial assistance to Latvia English (en)

08/06/2011

A new Supplemental Memorandum of Understanding (the fourth SMoU) on EU financial assistance to Latvia has been signed by the Economic and Monetary Affairs Commissioner Olli Rehn and the Latvian authorities.


Delivering on growth and jobs: Commission presents 2011 country-specific recommendations

07/06/2011

The European Commission has adopted 27 sets of country-specific recommendations – plus one for the euro area as a whole – to help Member States gear up their economic and social policies to deliver on growth, jobs and public finances.

Memo - 2011 Country-Specific Recommendations in the context of the European Semester: Frequently Asked Questions

Memo - EU Economic governance: a major step forward

Europe 2020 - 2011 Country-specific Recommendations


10 years of the euro: Vote the commemorative coin design!

06/06/2011

Want to have a say in the design of a new 2-euro coin? The web vote on the design of a coin commemorating 10 years of euro banknotes and coins is now open.


EU Economic governance: a major step forward

31/05/2011

The EU and its Member States have taken a series of important decisions that will mean stronger economic and budgetary coordination for the EU as a whole and for the euro area in particular. In this way, an imbalance that has existed between the two parts of Europe's Economic and Monetary Union (EMU) is being rectified.


Economic sentiment stable in the EU and moderately down in the euro area English (en)

27/05/2011

In May, the Economic Sentiment Indicator (ESI) was broadly unchanged at 105.4 in the EU, while it decreased by 0.6 points to 105.5 in the euro area.


Second €4.75 billion bond issued this week to support EU assistance packages

25/05/2011

The European Commission, on behalf of the European Union, today issued a €4.75 billion bond with a 10 year maturity

See also - 25/5/2011 - Bond issuance of €4.75 billion to fund disbursements of the assistance packages to Ireland and Portugal.


€4.75 billion bond issued for EU´s assistance packages to Ireland and Portugal

25/05/2011

The European Commission, on behalf of the European Union, today issued a €4.75 billion bond with a 10 year maturity to fund disbursements of the assistance packages to Ireland and Portugal.


Discours: Le Semestre européen et les derniers développements de la politique budgétaire pdf - 25 KB [25 KB]

25/05/2011

Session conjointe de la Commission des finances et de la Commission des affaires européennes de l'Assemblée nationale française - 25 mai 2011


EU and EFSF funding plans to provide financial assistance for Portugal and Ireland

19/05/2011

Following the formal request for financial assistance made on 7 April 2011 by the Portuguese authorities, the terms and conditions of the financial assistance package were agreed by the Eurogroup and the EU's Council of Economics and Finance Ministers on 17 May.

The Brussels Economic Forum 2011, 18 May

18/05/2011

All recordings of this event are available here. Get more info on the BEF 2011 website


The Brussels Economic Forum 2011, 18 May

18/05/2011

The Brussels Economic Forum (BEF) 2011 offers a unique opportunity to discuss the new era of EU economic governance. High level decision-makers, economists, social partners and the media will gather at the Forum on 18 May to debate and exchange ideas.


Commission publishes Spring 2011 Review of Economic Adjustment Programme for Ireland English (en)

18/05/2011

2011 Spring review of the EU/IMF financial assistance to Ireland, the basis for the release of the second installment of the EU loan to Ireland (EUR 3 billion) by the European Commission.


Commission publishes Spring 2011 Review of Economic Adjustment Programme for Ireland English (en)

18/05/2011

The 2011 Spring review of the EU/IMF financial assistance to Ireland is the basis for the release of the second installment of the EU loan to Ireland (EUR 3 billion) by the European Commission.


Portugal - signed Memorandum of Understanding on Specific Economic Policy Conditionality pdf - 215 KB [215 KB] English (en)

18/05/2011

The Memorandum of Understanding between the Commission and Portugal, which opens the way for the first disbursement of financial assistance from the EFSM and EFSF, was signed on 17 May 2011 shortly after the decision by the Ecofin Council to provide assistance to Portugal.


European Economic Forecast - spring 2011

13/05/2011

Europe's gradual recovery maintains momentum.


Did nominal exchange rate flexibility matter during the global recession? A Czech and Slovak case study English (en)

10/05/2011

The policy brief analyzes the relative performance of the Czech and Slovak economies between the official confirmation of Slovakia's euro-area entry in mid-2008 and end- 2010.

The analysis suggests that both economies continued to evolve in a highly similar manner. Czech real exports, as well as manufacturing production and employment, performed somewhat better, especially during the peak of the crisis. However, Slovak and Czech export performance was basically identical in nominal euro terms. Moreover, Slovakia enjoyed a more stable local financial market situation and also benefited from looser monetary policy conditions in the euro area, which resulted in more favourable non-financial private sector credit developments.

 


Live video - press conference by Commissioner Olli Rehn on the Portuguese assistance package English (en)

10/05/2011

Live streaming of the press conference held by Commissioner Olli Rehn on the package on 10 May 2011 available from 15:30 onwards.


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

09/05/2011

A European Commission services’ mission reviewed the implementation of the ongoing balance-of-payments assistance to Romania and assessed the implementation of agreed measures for the release of the final instalment of EUR 150 million.


Statement by EU Commissioner for Economic and Monetary Affairs Olli Rehn on the approval of economic governance reform by the European Parliament English (en)

05/05/2011

"Today we have reached a milestone through a historic vote by the European Parliament. It will pave the way for creating a real economic union to complement the monetary union. I would like to thank the Parliament and the rapporteurs, who have done a remarkable job."


Video - EC/ECB/IMF (Troika) press conference in Lisbon, Portugal English (en)

05/05/2011

Video footage of the joint press conference following the agreement between the Portuguese authorities and the EC/ECB/IMF Troika on the economic adjustment programme supported by the EU and the IMF.


04/05/2011


04/05/2011


Economic sentiment declines in both the EU and the euro area English (en)

29/04/2011

The Economic Sentiment Indicator (ESI) for the EU and the euro area declined in April, but remains well above its long-term average.


10 Years of the Euro - Commemorative Coin Design Competition

29/04/2011

Would you like to make your mark on millions of euro coins?

Enter the coin design competition commemorating ten years of the euro... and your idea could end up in everyone's pocket!


Statement by the EC and IMF on the Review Mission to Latvia

18/04/2011

A joint team from the International Monetary Fund (IMF) and the European Commission (EC) visited Riga during April 5–15 for discussions for the Fourth Review of the ongoing international financial support program.
Following discussions with the Latvian government, they reached agreement at staff level on main elements of the Latvian government’s policy program.

 


Annual Research Conference 2011 - New growth models for Europe English (en)

15/04/2011

The conference explored the principal design features of new growth models, identified the main obstacles to realising and expanding the potential for real income gains, and drew implications for policy-making at both national and EU levels.


Joint Concluding Statement of the Review Mission to Latvia

15/04/2011

A joint team from the International Monetary Fund (IMF) and the European Commission (EC) visited Riga during April 5–15 for discussions for the Fourth Review of the ongoing international financial support programme.


Statement by the EC, ECB, and IMF on the Review Mission to Ireland

15/04/2011

Staff teams from the Commission, the ECB and the IMF visited Dublin during April 5-15 for the first quarterly review of the government’s economic programme. The teams’ assessment is that the programme is on track but challenges remain and steadfast policy implementation will be key.

 


The Commission's mission to Hungary, to prepare the Commission's Spring 2011 forecast and to review recent developments and policy initiatives, welcomes commitment to structural reform and calls for further details on deficit cuts

11/04/2011

The 4-8 April mission, in close cooperation with International Monetary Fund staff,  was undertaken to help prepare the Commission's Spring 2011 forecast and to review recent developments and policy initiatives.


Quarterly report on the euro area. April 2011 - Inflation has picked up, but underlying price pressures remain subdued English (en)

07/04/2011

The April 2011 issue of the Quarterly Report focuses on the EU's economic policy response to the crisis since its outbreak in 2008. It emphasises the comprehensive package of policy measures agreed by the European Council in March 2011


Quarterly note on the euro-denominated bond markets - March 2011 English (en)

07/04/2011


Portugal requests activation of the financial support mechanisms English (en) português (pt)

06/04/2011

The Portuguese Prime-Minister, José Sócrates, today informed the President of the European Commission, José Manuel Durão Barroso, of the intention of Portugal to ask for the activation of the financial support mechanisms.


Portugal requests activation of the financial support mechanisms English (en) português (pt)

06/04/2011

The Portuguese Prime-Minister, José Sócrates, today informed the President of the European Commission, José Manuel Durão Barroso, of the intention of Portugal to ask for the activation of the financial support mechanisms.


Commission appoints Maarten Verwey as Deputy Director General for Economic and Financial Affairs English (en)

06/04/2011

Mr Verwey, who is Dutch, is currently Director of Foreign Financial Relations at the Ministry of Finance of the Netherlands. He was selected following a rigorous selection procedure that considered both internal and external candidates. He will take up his new duties on 1 September 2011.


Commission assesses feasibility of plans to scale up financing of climate actions in developing countries English (en)

06/04/2011

The European Commission today published a Staff Working Document, which confirms that although raising USD 100 billion per year by 2020 will be challenging, it can be done.


01 - Quarterly report on the euro area. April 2011 English (en)

05/04/2011


05/04/2011


Report by the Public-Private Sector Working Group on Local Currency and Capital Market Development English (en)

04/04/2011

The report was drafted by the European Commission, the European Bank for Reconstruction and Development (EBRD), and the International Monetary Fund


The role of commercial banks in the absorption of EU funds English (en)

04/04/2011

The report was drafted by the European Commission, the European Bank for Reconstruction and Development (EBRD), and the International Monetary Fund


Eurosetelit ja kolikot 10 vuotta

30/03/2011

Suunnittele koko euroalueen yhteinen vuoden 2012 juhlaraha


Romania receives €1.2 billion in Balance of Payments Support English (en) română (ro)

24/03/2011

The EU today disbursed €1.2 billion to Romania. The payment is the fourth instalment of a €5 billion loan agreed in May 2009 as part of a multilateral financial assistance package.


Speeches by Commissioners Barroso and Rehn on the new economic governance package

23/03/2011

Speech by José Manuel Durão Barroso to the European Parliament - Briefing pre-European Council meeting of 24-25 March 2011

Speech by Olli Rehn, European Commissioner for Economic and Monetary Affairs - "EU leaders must now finalise the response to the debt crisis"


Assessment of the changeover to the euro in Estonia English (en)

21/03/2011

The Commission has adopted a Communication on the introduction of the euro in Estonia. It confirms that the changeover in Estonia was well prepared and implemented and perceived as successful by a large majority of citizens.


European Commission and IMF welcome the continued support by the parent banks of the largest foreign-owned banks for Romania English (en) română (ro)

18/03/2011

In a meeting of the European Bank Coordination Initiative held on 16 March 2011 in Brussels, the parent banks of the nine largest foreign-owned credit institutions operating in Romania affirmed their long-term commitment to the country.


European Bank Coordination Vienna Initiative moves to meet new challenges English (en)

18/03/2011

Unique public/private forum helped stabilise emerging European economies during the financial crisis


€4.6 billion bond issued to assist Ireland and Romania

17/03/2011

The European Commission today placed a €4.6 billion bond issue on behalf of the European Union (EU). The proceeds will be on-lent to Ireland and Romania. Ireland will receive €3.4 billion under the European Financial Stabilisation Mechanism and Romania €1.2 billion under the Balance of Payments (BoP) facility.


€4.6 billion bond issued to assist Ireland and Romania

17/03/2011

The European Commission today placed a €4.6 billion bond issue on behalf of the European Union (EU). The proceeds will be on-lent to Ireland and Romania. Ireland will receive €3.4 billion under the European Financial Stabilisation Mechanism (EFSM) and Romania €1.2 billion under the Balance of Payments (BoP) facility.


The European Commission, the EIB Group and the EBRD deepen cooperation English (en)

01/03/2011

An agreement to maximise synergies between the activities of the three partners was signed on 1 March.


Interim forecast March 2011 English (en)

01/03/2011

The recovery is gaining ground


Commission publishes interim economic forecast English (en)

25/02/2011

The new forecast update confirms that the recovery is gaining ground


77 - The Economic Adjustment Programme for Greece - Third review English (en)

24/02/2011

A joint Commission/ECB/IMF mission met with the Greek authorities in Athens on 27 January–11 February 2011. The mission assessed compliance with the terms and conditions of the Third Review under the economic adjustment programme.


24/02/2011


QUESTIONS AND ANSWERS on financial assistance to euro-area member states English (en)

10/02/2011

The current crisis calls for concerted action at both the European and the international level. The EU has taken a series of bold measures to restore confidence, stability and sustainability  in the financial markets. 


Commission publishes report on Economic Adjustment Programme for Ireland English (en)

08/02/2011

The paper analyses the development of the bubble in Ireland. It also explains the economic build-up to the programme, and how it is designed to fix Ireland's banking sector and put the public finances back on a sustainable path.


Commission publishes report on Economic Adjustment Programme for Ireland English (en)

08/02/2011

The paper analyses the development of the bubble in Ireland. It also explains the economic build-up to the programme, and how it is designed to fix Ireland's banking sector and put the public finances back on a sustainable path.


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

08/02/2011

A European Commission mission has reviewed the implementation of the ongoing balance-of-payments assistance to Romania and reached staff-level agreement on the necessary measures to meet the conditions for the fifth and final disbursement of the current programme (€150 million).


Commission assessments of government finances under excessive deficit procedure English (en)

27/01/2011

Based on the Commission services’ autumn 2010 forecast, the Commission has made an assessment of the current state of the government finances in the Member States that are subject to the excessive deficit procedure.


Launch of video on DG ECFIN's role and its key activities Deutsch (de) English (en) français (fr)

20/01/2011

Fostering the European Economy - the role of the European Commission's Directorate-General for Economic and Financial Affairs

This video highlights the role and key activities of the European Commission’s Directorate-General for Economic and Financial Affairs – DG ECFIN. It shows how DG ECFIN’s work can affect many aspects of the citizens’ daily life and helps to shape the future of the EU economy.


New decision of Eurostat on deficit and debt The statistical recording of operations undertaken by the European Financial Stability Facility English (en)

19/01/2011


A successful euro changeover in Estonia English (en)

17/01/2011

As from 1 January 2011, Estonia is a member of the euro area and shares the same currency with over 330 million people in 17 Member States of the European Union.


Commission publishes Annual Growth Survey English (en)

12/01/2011

The European Commission has published the first Annual Growth Survey (AGS) under the new European Semester


Conference - The European Semester, 12 January 2011 English (en)

12/01/2011


Estonia – Welcome to the euro area! English (en)

11/01/2011

As from 1 January 2011, Estonia will be a member of the euro area. Over 330 million people in 17 Member States will thus be sharing the same currency – the euro.


Economic Sentiment maintains its upward trend English (en)

06/01/2011

The Economic Sentiment Indicator improved further in December 2010 in both the EU and the euro area


Conference - Towards integrated economic governance - The European Semester English (en)

20/12/2010

Recordings from this conference are available on Europe By Satellite EbS.


IMF and Commission issue joint statement at the conclusion of a staff visit to Latvia English (en)

16/12/2010

A joint team from the International Monetary Fund (IMF) and the European Commission (EC) visited Riga during December 7–14 to continue discussions with the Latvian authorities on their preparation of the 2011 draft budget.


Economic Paper - Trade Elasticities: A Final Report for the European Commission English (en)

13/12/2010


European Commission assesses measures taken by Greece in economic adjustment programme English (en)

09/12/2010

Subject to the approval of the Eurogroup, the overall assessment of compliance paves the way for the next tranche of loans provided by the euro-area Member States.


Economic Paper - The portfolio balance effect and reserve diversification: an empirical analysis English (en)

07/12/2010


Council agrees on joint EU-IMF financial assistance package for Ireland. English (en)

07/12/2010

Euro area and EU financial support will be provided on the basis of a programme which has been negotiated with the Irish authorities by the Commission and the IMF, in liaison with the ECB


European Business Cycle Indicators - December 2010 English (en)

06/12/2010

In November, the Economic Sentiment Indicator (ESI) improved further in both the EU and the euro area. This month’s special focus presents the results of the latest Investment survey for the EU and large Member States, conducted in October and November 2010.


European Economic Forecast - Autumn forecast 2010-2012: English (en)

29/11/2010

EU recovery taking hold, but progress uneven.


Commission and IMF issue joint statement on Ireland English (en)

29/11/2010

European Commissioner for Economic and Monetary Affairs Olli Rehn and Managing Director of the International Monetary Fund Dominique Strauss-Kahn  have issued a joint statement on Ireland on the economic program announced today by Ireland. 


Economic Sentiment gains further momentum English (en)

29/11/2010

In November, the Economic Sentiment Indicator (ESI) improved further in both the EU and the euro area


Statement by the EC, ECB, and IMF on their second review mission to Greece English (en)

24/11/2010

Concluding their second quarterly reveiw mission to Athens, the European Commission, European Central Bank and the International Monetary Fund assess that the Greek government’s economic program remains broadly on track.


Statement by the Eurogroup and ECOFIN Ministers on Ireland English (en)

22/11/2010

EU Finance ministers welcome Ireland's request for EU financial assistance to safeguard financial stability in the EU and the euro area.


11th Report on the practical preparations for the future enlargement of the euro area eesti keel (et) English (en)

12/11/2010

The Commission has concluded that Estonia's preparations are well advanced, while recommending further efforts in some areas during the final phase of the changeover.


154 - Quarterly note on the euro-denominated bond markets - September 2010 English (en)

09/11/2010

Statistical annex


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

04/11/2010

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.


Economic Sentiment improves further in both the EU and the euro area English (en)

28/10/2010

Economic Sentiment improves further in both the EU and the euro area


Message on the death of Tommaso Padoa-Schioppa English (en)

26/10/2010

The Commission and the Directorate General for Economic and Financial Affairs have learnt with sadness of the sudden death of Tommaso Padoa-Schioppa, a great European and one of the fathers of the euro, and express their condolences to his family.


Commission publishes open competition for senior economists English (en)

26/10/2010

The Commission is organising admission tests and an open competition to establish a reserve pool from which to recruit administrators with experience in the field of economics


Study - The fiscal implications of climate change adaptation English (en)

15/10/2010

The fiscal implications of climate change adaptation - part 2

Climate change will have an effect on the European Union. The repercussions will be regionally varied, with impacts on several sectors in the economy. Climate change has the particularity of being global with respect to the sources of emissions and local in the consequences (whether positive or negative). The sources of emissions are linked to the most basic aspects of human activity, from energy consumption to farming, while the impact of climatic changes are broader, affecting inter alia economic activities, land use, biodiversity, public health and water systems. This means that for the first time in history there is a need to align large parts of fiscal and regulatory policy with environmental concerns, from the local to the national and supranational levels.


ASEM Conference: Investment and its Financing - press releases English (en)

07/10/2010

The Reserve Bank of India and the European Commission are pleased to announce the conference "Investment and its Financing: What causes private investment to remain relatively low in Asia?" The conference will be held in Mumbai, India, on 16-17 December 2010.


2010 report on monitoring tax revenues and tax reforms in EU Member States - after the crisis English (en)

07/10/2010

The report looks at tax policy issues related to the crisis and how tax reforms could help to bring public finances back on a sustainable path.


European Business Cycle Indicators - Business cycle indicators suggest that speed of recovery differs at country level. English (en)

06/10/2010

Business cycle indicators suggest that speed of recovery differs at country level.


English (en)

05/10/2010

As part of the effort to broaden macroeconomic surveillance, this issue of the Quarterly Report on the Euro Area argues that supervisory and regulatory reforms can help avoid future harmful credit and asset price booms in the euro area by keeping banks' leverage in check and by establishing more stringent lending standards.


Economic Sentiment improves further in both the EU and the euro area English (en)

29/09/2010

In September, the Economic Sentiment Indicator (ESI) increased only marginally, by 0.3 of a point in the EU and, more significantly, by 0.9 of a point in the euro area, to 103.4 and 103.2 respectively. In both the EU and the euro area the ESI stands above its long-term average.


A new EU economic governance - a comprehensive Commission package of proposals English (en)

29/09/2010

As third step towards reinforcing EU economic governance, the Commission puts forward a package of six regulatory legislative proposals for concrete legal instruments.


The travelling euro exhibition has arrived in Tallinn English (en)

23/09/2010

After successful stops in seven Member States, the European Commission's travelling euro exhibition has arrived in Tallinn


Euro Conference Tallinn 2010 English (en)

23/09/2010

The conference focussed on the expansion of the euro area, its practical aspects and its future role in Europe


Commission pays € 1.15 billion in Balance of Payments support to Romania English (en) română (ro)

22/09/2010

The EU disbursed today € 1.15 billion to Romania, the third instalment of a € 5 billion loan, which was agreed in May 2009 as part of a multilateral financial assistance package.


Excessive deficit procedure: Commission assessment of action taken by Lithuania and Romania English (en)

21/09/2010

The European Commission today assessed the action taken by Lithuania and Romania in response to the Council Recommendations of 16 February 2010 relating to the correction of their respective excessive government deficits.


428 - Adjustment in the Euro Area and Regulation of Product and Labour Markets: An Empirical Assessment English (en)

20/09/2010

Summary for non-specialists


This paper assesses the adjustment mechanism in the euro area. Results show that the real exchange rate (REER) adjusts in such a way to redress cyclical divergences and that after monetary unification REER dynamics have become less reactive to country-specific shocks but also less persistent. It is found that regulations, notably affecting price and wage nominal flexibility and employment protection, play a role in the adjustment mechanism. Indicators of product and labour regulations appear to matter for both the reaction of price competitiveness to cyclical divergences (differences between national and euro-area output gaps) and for the inertia of competitiveness indicators. Moreover, regulations appear to matter also for the extent to which common shocks may end up producing country-specific effects on the


Interim forecast September 2010 English (en)

13/09/2010

EU recovery progressing within an uncertain global environment.
The economic recovery in the EU has gained ground of late. GDP growth in the second quarter of 2010 was particularly strong, and more balanced towards domestic demand than previously anticipated.


Economic Sentiment Indicator on the up after July's surge English (en)

30/08/2010

After the surge in July, the Economic Sentiment Indicator (ESI) continued to improve in both the EU and the euro area, albeit at a slower pace.


First review of the Economic Adjustment Programme for Greece – Summer 2010 English (en)

20/08/2010

This European Commission report provides a detailed assessment of compliance, an overview of challenges faced by Greece and a summary of the main findings of the mission.


Statement by the EC, ECB, and IMF on the first review mission to Greece English (en)

05/08/2010

Concluding their first quarterly reveiw mission to Athens, the European Commission, European Central Bank and the International Monetary Fund assess that the Greek government’s economic program has made a strong start.


Commission postpones conclusion of fifth review on the EU's balance of payments assistance to Hungary English (en)

05/08/2010

The review, conducted in close cooperation with the IMF, noted a number of open questions on which the government would need more time to provide clarification. It was decided to postpone the conclusion of the review and that it would be appropriate to return for further discussions at a later stage.


Task-Force für Griechenland Deutsch (de) English (en) français (fr) português (pt)

29/07/2010


European Council and Euro area summit, 23 October 2011 Deutsch (de) English (en) français (fr) português (pt)

29/07/2010

"We want the Union to stay very strong," said President Barroso at the press conference following the European Council, while at the same time recognising that more needs to be done in terms of "coherence and integration in the governance of the euro area"


Connecting Europe Facility Deutsch (de) English (en) français (fr) português (pt)

29/07/2010

"Connecting Europe Facility and the Project Bond Initiative are a perfect demonstration of the value added that Europe can provide."


European Commission adopts package enabling new action for growth, governance and stability Deutsch (de) English (en) français (fr) português (pt)

29/07/2010

The adopted package contains four elements: the 2012 Annual Growth Survey setting out the economic priorities for the coming year; two Regulations to tighten economic and budgetary surveillance in the euro area; and a Green Paper on Stability Bonds.


European Council and Euro area summit, 26 October 2011 Deutsch (de) English (en) français (fr) português (pt)

29/07/2010

The package agreed tonight confirms that Europe will do what it takes to safeguard financial stability


Economic Sentiment Indicator edges up English (en)

29/07/2010

In July, the Economic Sentiment Indicator (ESI) edged up to 102.2 (by 1.9 points) in the EU and to 101.3 (by 2.3 points) in the euro area. These results are strongly influenced by markedly positive readings in Germany.


10th Report on the practical preparations for the future enlargement of the euro area English (en)

27/07/2010

The Commission concludes that Estonia's practical preparations for the introduction of the euro are on the right path but identifies some areas where further efforts are necessary.


23/07/2010


CEBS announces results of EU-wide stress tests to be published on 23 July English (en)

22/07/2010

The CEBS will start to publish the results of the banking stress-tests, involving 91 banks, at 18:00 CEST on 23 July


22/07/2010


21/07/2010


20/07/2010


Commission signs Supplemental Memorandum of Understanding with Latvia English (en)

20/07/2010

The third supplemental Memorandum of Understanding signed on 20 July paves the way for further EU fund disbursement.


Commission proposal for an EU Regulation to facilitate professional cross-border transportation of euro cash by road English (en)

16/07/2010

The regulation will ensure that euro banknotes and coins can be easily and safely transported across national borders within the euro area.


Estonia on course for the euro eesti keel (et) English (en)

13/07/2010

The ECOFIN Council took the final decisions on the euro adoption in Estonia and confirmed that Estonia is ready and will adopt the euro on 1 January 2011.


Green Paper on adequate, sustainable and safe European pension systems English (en)

07/07/2010

How can Europe help to safeguard pension systems, which have been put under strain by population ageing and the economic crisis? The European Commission has launched a public consultation.


Commission publishes report on labour market and wage developments in 2009 English (en)

07/07/2010

The report analyses labour market and wage developments as impacts arising from the recession have taken a severe toll on the economic well-being of many European citizens over the past two years.      


The economic adjustment programme for Greece - Interim review English (en)

06/07/2010

The overall assessment is positive, with programme implementation being broadly on track.


Euro Taxi video interviews - leading economists talk about the crisis English (en)

06/07/2010

Today DG ECFIN launched the first in a planned series of Euro Taxi video clips in which key economic players and passers-by are interviewed on economic subjects including the financial crisis and the Brussels Economic Forum.


Euro Taxi video interviews - leading economists talk about the crisis English (en)

06/07/2010

Today DG ECFIN launched the first in a planned series of Euro Taxi video clips in which key economic players and passers-by are interviewed on economic subjects including the financial crisis and the Brussels Economic Forum.


Excessive deficit procedures English (en)

06/07/2010

Bulgaria: Next steps under the EDP procedure
UK: Commission concludes UK took effective action


DG ECFIN at Shanghai Expo English (en)

03/07/2010

DG ECFIN organised a workshop on "How can the EU and China Contribute to a Sound and Sustainable Global Economic Recovery?" at the Belgium-EU Pavilion at Shanghai World Expo on the afternoon of July 3.


Commission publishes communication on enhancing economic policy coordination for growth and jobs English (en)

30/06/2010

The Communication develops the proposals for greater economic policy co-ordination and surveillance, sets out effective enforcement mechanisms, and proposes a European semester for policy co-ordination


Economic Sentiment Indicator remains unchanged English (en)

29/06/2010

In June, the Economic Sentiment Indicator (ESI) remained broadly unchanged at 100.1 (down by 0.1 points) in the EU and at 98.7 (up by 0.3 points) in the euro area.


Romania: The Ruling of the Constitutional Court English (en)

28/06/2010


2010 Report on Public Finances in EMU: debt crisis highlights need for fiscal consolidation and stronger surveillance English (en)

16/06/2010

The 2010 Report on Public Finances in EMU presents recent budgetary developments, reports developments in budgetary surveillance and draws lessons for debt reduction strategies.


Commission recommends to open the excessive deficit procedures for Cyprus, Denmark and Finland English (en)

15/06/2010

The European Commission today concluded on the existence of excessive deficits in Cyprus, Denmark and Finland and recommended deadlines for their correction to the Council.


Effective action was taken by twelve Member States in excessive deficit procedure English (en)

15/06/2010

The European Commission today assessed the action taken by Belgium, the Czech Republic, Germany, Ireland, Spain, France, Italy, the Netherlands, Austria, Portugal, Slovenia and Slovakia for the correction of their respective excessive government deficits.


ECOFIN Council adopts conclusions on European 2020 Strategy English (en)

10/06/2010

The Economic and Financial Affairs Council adopted a series of conclusions related to the European 2020 Strategy on 8 June 2010.


Commission visit to Hungary for informal discussions English (en)

10/06/2010

During the informal high-level visit, the European Commission services and IMF staff noted the authorities' commitment to the agreed fiscal target of 3.8% of GDP in 2010. Corrective measures to this end will be discussed in detail in the course of the early July review mission.


Commission concludes financial assistance review mission to Latvia English (en)

07/06/2010

The European Commission, the IMF, the World Bank and the Swedish representatives have held joint discussions with the Latvian authorities


Economic Sentiment Indicator's upward trend pauses English (en)

31/05/2010

Economic Sentiment Indicator's upward trend pauses


2010-05-25-commissioner-rehn-welcome-addess-bef_en.xml English (en)

25/05/2010

In his welcome address, Commissioner Rehn stressed the need for structural reforms that would not only cover the lost ground, but permanently increase EU productivity growth and capacity to create jobs.


Photo competition - the euro: what does it mean to us? English (en)

18/05/2010

The winners of this EU-wide competition for schoolchildren have now been chosen.


Commission assesses the stability programme of Cyprus English (en)

14/05/2010

The European Commission today examined the updated stability programme of Cyprus.


Convergence report of the European Commission gives green light for Estonia English (en)

11/05/2010

The European Commission concluded that Estonia meets the criteria for adopting the euro and made a proposal to the Council to this effect.


Reinforcing economic policy coordination in the EU and the euro area български (bg) Deutsch (de) English (en) français (fr)

11/05/2010

The Commission puts forward concrete, broad-based initiatives to strengthen economic policy coordination in the wake of the Greek sovereign debt crisis.


Commission presents excessive deficit reports for five countries English (en)

11/05/2010

Today the European Commission adopted reports under the corrective arm of the Stability and Growth Pact for Bulgaria, Cyprus, Denmark, Finland and Luxembourg.


Statement after joint mission to Romania English (en)

10/05/2010

A joint Commission - IMF - World Bank mission has reached agreement with Romania on additional measures necessary to reduce Romania's 2010 budget deficit.


European Economic Forecast - spring 2011

05/05/2010

Europe's gradual recovery maintains momentum.


European Economic Forecast - Spring 2010 English (en)

05/05/2010

The economic recovery is underway in the EU, although it is set to be a gradual one.


Euro area and IMF agreement on financial support programme for Greece English (en)

03/05/2010

Following euro area and IMF agreement of 2 May on a three-year financial support programme for Greece with a total of € 110 billion, Commissioner Rehn and IMF Managing Director Strauss-Kahn said they were confident that Greece would rise to the challenge and succeed.


Commission report on surveillance of intra-euro-area competitiveness and imbalances English (en)

03/05/2010

This report is part of the Commission input to the review carried out by the Eurogroup in 2010. Focusing on the impact of the global financial and economic crisis, it provides a comprehensive assessment of the external performance of euro-area Member States since the launch of the euro and reviews possible policy responses.


Economic Sentiment Indicator maintains its upward trend English (en)

29/04/2010

Economic Sentiment Indicator maintains its upward trend.


Statement by Commissioner Rehn on Greece English (en)

29/04/2010

In his statement on the present state of the negotiations for the joint EU-IMF programme with Greece, Commissioner Rehn expressed his confidence that the talks would be concluded in the next days. The multi-annual programme will reverse the debt spiral of Greece and restore its overall economic competitiveness.


Flash Consumer Confidence Indicator - April 2010 English (en)

22/04/2010


Commission tables proposal for EIB's external mandate until 2013 English (en)

21/04/2010

The Commission has suggested an enhancement of the current mandate for EIB activities, allowing it to pursue its external work until 2013


European Economy News Issue 17 - April 2010 English (en)

19/04/2010

The issue features the Europe 2020 strategy and its potential to ensure our place in the new global order.


4 - Price and Cost Competitiveness - 4th quarter 2010 English (en)

15/04/2010


Commission assesses stability programme of Portugal English (en)

14/04/2010

The European Commission today examined the updated stability programme of Portugal.


Innovative financing at a global level English (en)

06/04/2010

In view of key global challenges with significant budgetary implications, the Commission assesses main options for innovative financing related to the financial sector, climate change and development.


Quarterly report on the euro area 2010 English (en)

31/03/2010


Economic Sentiment Indicator regains momentum English (en)

29/03/2010

The Economic Sentiment Indicator (ESI) regains momentum in March 2010.


Commission launches animated cartoons on the benefits of the euro English (en)

29/03/2010

Do you know how the euro benefits you? Today, DG Economic and Financial Affairs is launching a series of short animated video clips in cartoon format to explain how the euro benefits euro-area citizens.


Commission assesses stability and convergence programmes of ten EU Member States English (en)

24/03/2010

The European Commission today examined the updated stability and convergence programmes of the Czech Republic, Denmark, Hungary, Lithuania, Luxembourg, Latvia, Malta, Poland, Romania and Slovenia.


Paying with euro cash in the euro area: Commission recommendation on the legal tender of the euro English (en)

22/03/2010

Although euro area Member States share a single currency, interpretations of its legal tender status may still differ across countries. This recommendation defines common principles with concrete implications in the daily lives of European citizens.


Commission assesses stability and convergence programmes of 14 EU Member States English (en)

17/03/2010

The European Commission today examined the updated programmes of Belgium, Bulgaria, Germany, Estonia, Ireland, Spain, France, Italy, the Netherlands, Austria, Slovakia, Sweden, Finland and the United Kingdom.


EU disburses third instalment of €0.5 billion Community financial assistance to Latvia English (en)

11/03/2010

Commissioner Rehn welcomed Latvia's continued commitment on its path of consolidation and reform for a sustainable recovery.


EU disburses second instalment of €1 billion Community financial assistance to Romania English (en)

11/03/2010

Romania's progress towards fiscal consolidation will need to be accompanied by structural reforms. 


Eurogroup and ECOFIN ministers meetings of 18 and 19 January 2010 English (en)

03/03/2010

Finance ministers reappointed Luxembourg Prime Minister Jean-Claude Juncker as head of the Eurogroup for 2.5 years.


Latvia - Signature of Supplemental Memorandum of Understanding English (en)

26/02/2010

A second Supplemental Memorandum of Understanding (SMoU) in the context of the Balance of Payment (BoP) assistance to Latvia was signed by the Commissioner Olli Rehn and the Latvian authorities on 22 February 2010.


Study on the Potential market for cross-border transport of euro cash by road English (en)

26/02/2010

The Commission has launched an external study to estimate the potential for cross-border transport of euro cash in the euro area.


Economic Sentiment Indicator static in February after almost a year of improvement English (en)

25/02/2010

The Economic Sentiment Indicator (ESI) stood still in February 2010, after almost a year of uninterrupted improvement.


Economic Sentiment Indicator static in February after almost a year of uninterrupted improvement English (en)

25/02/2010

The Economic Sentiment Indicator (ESI) stood still in February 2010, after almost a year of uninterrupted improvement.


EU interim forecast: Fragile recovery in progress English (en)

25/02/2010

The European Commission is expecting GDP in the EU to recover gradually, while still facing strong headwinds.


Romania - Signature of Supplemental Memorandum of Understanding English (en)

25/02/2010

Commissioner Rehn and the Romanian authorities have signed a Supplemental Memorandum of Understanding for Balance of Payment assistance to Romania.


European Commission concluded its fourth review of the EU medium-term financial assistance to Hungary English (en)

23/02/2010

The review in close cooperation with the IMF concluded that Hungary had maintained its course in implementing its economic programme and the economic policy conditions laid down in the 3rd Supplemental Memorandum of Understanding.


Malta: Excessive deficit procedure ended English (en)

18/02/2010


Cyprus: Final convergence hurdle cleared English (en)

18/02/2010


Eurogroup and ECOFIN ministers meetings of 15 and 16 February 2010 English (en)

17/02/2010

Ministers asked Greece to present a report by 16 March 2010 on timetable for implementation of budgetary target measures for 2010.


Commission assessment on Malta, Lithuania, Hungary and Latvia. English (en)

09/02/2010

The Commission concludes that Hungary, Latvia, Lithuania and Malta have taken effective action to correct their budget deficits and extends deadlines for Lithuania and Malta.


Commission assessment on Romania English (en)

09/02/2010

The Commission concludes that Romania has taken effective action to correct its budget deficit and proposes extension of deadline to 2012.


EU photo competion. The euro: What does it mean to us? Deutsch (de) English (en) français (fr)

08/02/2010

"The euro: what does it mean to us?"  Photo competition is now open.


Commission recommendations for Greece English (en)

03/02/2010

The Commission adopted a series of recommendations for Greece to correct the excessive budget deficit, improve competitiveness through structural reforms and provide reliable statistics. 


ESI approaching long-term average English (en)

28/01/2010

In January, the Economic Sentiment Indicator (ESI) rose for the tenth successive month.

 


Romania on track to get green light for second tranche of EU financial assistance English (en)

28/01/2010

A joint Commission, IMF and World Bank mission assessed Romanian compliance with the policy conditions attached to the EU balance of payments programme. It concluded that Romania had met most of them.  


Commissioner Olli Rehn at press conference following Eurogroup meeting 21 March 2011 English (en)

26/01/2010

Today we have completed a massive and decisive effort to finalise a comprehensive response to the sovereign debt crisis. It has taken months of tough talks, but the determination to safeguard financial stability and a strong European commitment has prevailed: we now have a comprehensive strategy to strengthen the foundations of the euro area and to restore confidence in the euro area sovereign bond markets.


Flash consumer confidence indicator English (en)

21/01/2010

DG ECFIN launches the flash consumer confidence indicator for the EU and euro area.


European Economy News - Issue 16

15/01/2010

The latest issue of DG ECFIN's quarterly newsletter, European Economy News 16, is out. It features articles on climate finance, product markets, fiscal sustainability, and a profile of Croatia's economy.

EP hearing English (en)

12/01/2010

Commissioner-designate Rehn stresses need for economic coordination and sound public finances in EP hearing.


European Business Cycle Indicators - Q1 2011 English (en)

08/01/2010


Poster for Europe Day 2010: help us choose a winner! Deutsch (de) English (en) français (fr)

08/01/2010

Dynamic. Diverse. Unified. Imaginative. That’s the spirit of Europe, evoked by 10 posters created to celebrate Europe Day, 9 May 2010.


Economic Sentiment Indicator continues to improve English (en)

07/01/2010

The Economic Sentiment Indicator (ESI) rose once again in December to 92.0 (+4.1 points) in the EU and to 91.3 (+2.5) in the euro area.


Commission adopts a communication on a better functioning food supply chain in Europe English (en)

07/01/2010

Concrete actions to improve relationships between actors of the food supply chain.


Quarterly report on the euro area - December 2009 English (en)

21/12/2009

Economic recovery in the euro area is gathering momentum, albeit at a modest pace.


Ninth report on the practical preparations for the future enlargement of the euro area English (en)

18/12/2009

Nine EU Member States are now bound to adopt the euro once they fulfil the criteria.


Domestic fiscal governance database English (en)

11/12/2009

This database is an analytical tool designed to provide a comprehensive set of information on the main elements of domestic fiscal frameworks across EU Member States, namely numerical fiscal rules, independent institutions and medium term budgetary frameworks (MTBFs).


Autumn forecast 2009-2011: EU economy on the road to a gradual recovery English (en)

04/12/2009

The EU economy will emerge from recession in the second half of 2009. A relatively strong temporary pick-up is in the cards for the near term, with a more gradual recovery foreseen in 2010-2011.


Economic Sentiment Indicator continues to rise though consumers more cautious English (en)

30/11/2009

In November, the Economic Sentiment Indicator (ESI) rose to 87.9 (+1.9 points) in the EU and to 88.8 (+2.7) in the euro area.


Key Euro Area Indicators November 2009 English (en)

30/11/2009


3rd EU-India Macroeconomic Dialogue - New Delhi, India, 30 - 31 October 2009 English (en)

27/11/2009

Participants discussed economic challenges following the crisis.


Eurogroup and ECOFIN ministers meetings of 9 and 10 November English (en)

27/11/2009

Ministers will discuss the economic and financial situation.  Recent months have seen a marked improvement in the economic situation and financial conditions.


European Banking Coordination Initiative Meeting for Romania English (en)

18/11/2009

Joint statement by Commission and IMF after European Banking Coordination Initiative Meeting for Romania


Commission concludes third review of the EU balance-of-payments assistance for Hungary English (en)

16/11/2009

On 16 November 2009, the European Commission services, in close cooperation with the International Monetary Fund staff, have completed the third review under the EU balance of payments assistance concluding that Hungary has made good progress regarding its economic programme.


Commission recommends paths for deficit correction and assesses effective action in response to Council recommendations of April English (en)

13/11/2009

The European Commission today concluded on the existence of excessive deficits in Austria, Belgium, the Czech Republic, Germany, Italy, Slovakia, Slovenia, the Netherlands and Portugal and proposed deadlines for their correction to the Council. It also assessed responses to the Council recommendations of April in Greece, Spain, France, Ireland and the UK.


Autumn forecast 2009-2011: EU economy on the road to a gradual recovery English (en)

12/11/2009

The EU economy will emerge from recession in the second half of 2009. A relatively strong temporary pick-up is in the cards for the near term, with a more gradual recovery foreseen in 2010-2011.


Commission proposes €100 million macro-financial assistance to Bosnia and Herzegovina English (en)

09/11/2009

The assistance would complement the adjustment programme agreed by the Bosnian authorities with the IMF to weather the impact of the economic crisis.


Commission proposes €500 million macro-financial assistance to Ukraine English (en)

09/11/2009

The assistance would support implementation of the adjustment programme agreed by the Ukrainian government with the International Monetary Fund to help the country through the global crisis.


DG ECFIN launches new e-newsletter English (en)

09/11/2009

DG ECFIN today published the first issue of a new regular fortnightly e-newsletter, designed to deliver the latest EU economic and financial developments directly to your mailbox.


Economic Sentiment Indicator (ESI) continues its upward march English (en)

09/11/2009

Rising to 86.0 (+3.4 points) in the EU and to 86.2 (+3.4) in the euro area, its improvement in October is the seventh consecutive increase in both series since the trough of March 2009.


Commission publishes report on labour market and wage developments in 2008 English (en)

09/11/2009

This report analyses labour market and wage developments as the worst economic and financial crisis since World War II hit the European Union and its labour markets.


Publications English (en)

30/10/2009


The Commission publishes a report on the economic crisis in Europe English (en)

22/10/2009

The worst has been avoided, but new challenges must be faced.


Sustainability of public finances English (en)

22/10/2009

Commission communication says long term sustainability of public finances is an acute challenge.


Upward trend in Economic Sentiment Indicator continues English (en)

22/10/2009

The upward trend in the Economic Sentiment Indicator (ESI) continued in September in both the EU and the euro area.


Commission presents excessive deficit reports for nine countries English (en)

22/10/2009

Today the European Commission adopted reports under the corrective arm of the Stability and Growth Pact for Austria, Belgium, the Czech Republic, Germany, Italy, Slovakia, Slovenia, the Netherlands and Portugal.


Eurogroup and ECOFIN ministers meetings of 1 and 2 October English (en)

22/10/2009

Among other points, Ministers will discuss financial supervision issues and the economic and financial situation in light of the recent interim forecasts.


Statement on Latvia by Commissioner Almunia, after meeting with the Latvian government in Riga English (en)

22/10/2009

The Commissioner made the following statements on Latvia on 6 and 13 October 2009.


Eurogroup and ECOFIN ministers meetings of 19 and 20 October English (en)

22/10/2009

Among other points, Ministers prepared the next G20 Ministerial meeting and discussed the draft financial supervision package.


Commission proposes macro-financial assistance to Armenia and Georgia English (en)

22/10/2009

The proposal to the Council foresees loans and grants to support their economic recovery


Commission proposes macro-financial assistance to Serbia English (en)

22/10/2009

The proposal to the Council foresees a loan of up to € 200 million to help through the global crisis


Welcome to the European Commission's new thematic website for Economic and Financial Affairs. Deutsch (de) ελληνικά (el) English (en) español (es) français (fr)

23/09/2009

Our intention is to continue to provide accurate and timely information and analysis to our specialist clients, but to make that information much easier to find. Just as importantly, we have set out to make this topic much more transparent and understandable for the general public.


Welcome to the European Commission's new thematic website for Economic and Financial Affairs. Deutsch (de) ελληνικά (el) English (en) español (es) français (fr)

23/09/2009

Our intention is to continue to provide accurate and timely information and analysis to our specialist clients, but to make that information much easier to find. Just as importantly, we have set out to make this topic much more transparent and understandable for the general public.


1st EU-India Macroeconomic Dialogue - New Delhi, India, 12 July 2007 - English (en)

23/09/2009

The Indian side, which included officials from the Ministry of Finance and the Reserve Bank of India, was led by the Finance Secretary, Dr. Duvvuri Subbarao. Director General for Economic and Financial Affairs, Mr. Klaus Regling, led the EU side. ECB Board Member Bini-Smaghi represented the ECB at the meeting.


The 3rd EU-China Economic and Financial Dialogue - Belgium, Brussels, 4 July 2007 English (en)

23/09/2009


The EU Economy Review 2007 English (en)

23/09/2009

The EU Economy 2007 Review provides an in-depth analysis of productivity developments and policies to push Europe's productivity frontier forward.


Business and Consumer Survey English (en)

23/09/2009

Time Series - Sub-sectors Last update 7 January 2008


In March, the Economic Sentiment Indicator (ESI) rose by 1.7 points in the EU and decreased by 0.6 points in the euro area English (en)

23/09/2009

Following a continuous decline since mid-2007, the indicator rebounded somewhat in the EU on the back of a sharp improvement in services confidence in the UK. Meanwhile, it weakened further in the euro area and now stands just below its long-term average.


European Economy News Issue 9 - Cyprus and Malta: two islands, one currency English (en)

23/09/2009

The latest issue features the changeover to the euro in Cyprus and Malta.  It also takes an in-depth look at productivity in Europe and the Growth and Jobs Strategy, and profiles the German economy - the biggest in the EU.


Price and Cost Competitiveness - Data Section English (en)

23/09/2009

The quarterly report on price and cost competitiveness presents recent changes in the nominal and real effective exchange rates of the euro area, of the 27 individual EU Member States and several non-EU countries


Assessment of stability and convergence programmes English (en)

23/09/2009

Commission assesses Stability Programmes of Ireland, Greece and Spain and Convergence Programmes of Denmark and Lithuania   


At this juncture, it is far from evident that Europe needs an additional budgetary stimulus.

23/09/2009

There is currently a lot of talk about budgetary stimulus policies to cope with a possible recession in the US.


Economic sentiment weakens further in both the EU and the euro area English (en)

23/09/2009

In February, the Economic Sentiment Indicator (ESI) decreased further in both the EU and the euro area.


European Economy Research Letter - Towards EMU@10 English (en)

23/09/2009

This issue highlights EMU@10, the project launched to mark the tenth anniversaries of the decision to move to the third and final stage of Economic and Monetary Union and the introduction of the euro.


At this juncture, it is far from evident that Europe needs an additional budgetary stimulus.

23/09/2009

There is currently a lot of talk about budgetary stimulus policies to cope with a possible recession in the US.


Economic sentiment declines markedly in both the EU and the euro area in April English (en)

23/09/2009

In April, the Economic Sentiment Indicator (ESI) decreased by 3.8 points in the EU and by 2.5 points in the euro area, to 98.1 and 97.1 respectively. The fall in the EU indicator more than offset the rebound registered in March. In both regions, the ESI now stands below its long-term average.


Convergence report of the European Commission: green light for Slovakia English (en)

23/09/2009

The European Commission concluded on 7 May 2008 that Slovakia meets the criteria for adopting the euro and made a proposal to the Council to this effect.


Brussels Economic Forum 2008 - Economic and Monetary Union in Europe: 10 Years On English (en)

23/09/2009

See a selection of speeches and presentations given at this event 


The Commission encourages France to pursue budgetary consolidation as well as reforms English (en)

23/09/2009

While acknowledging the reforms started in France in the last 12 months, the Commission advised the government to carry out this process hand in hand with budgetary consolidation.   


Economic sentiment decreases further in the EU and remains stable in the euro area English (en)

23/09/2009

In May, the Economic Sentiment Indicator decreased further by 1.3 points to 96.7 in the EU and remained unchanged in the euro area at 97.1.


Latest Commission recommendations and action English (en)

23/09/2009

Commission recommends closing Poland's Excessive Deficit Procedure but launches new EDP procedure for the UK. It also examines Belgium's Stability Programme and issues policy advice for Romania


Excessive deficit procedure English (en)

23/09/2009

The Commission recommends that the Council abrogates the excessive deficit procedures for Italy, Portugal, the Czech Republic and Slovakia.


Brussels Economic Forum 2008 - Interviews English (en)

23/09/2009

Speakers took some time out from the conference to talk about ten years of Economic and Monetary Union, its successes and challenges. See the interviews below.


Economic sentiment decreases further in both the EU and the euro area English (en)

23/09/2009

In June, the Economic Sentiment Indicator (ESI) continued to decline in both the EU and the euro area. 


Eurogroup and Ecofin, 7 - 8 July 2008 English (en)

23/09/2009

Preparation of Eurogroup and Economic and Finance Ministers Council (Ecofin), Brussels 7 and 8 July 2008


Public finances in EMU - 2008 English (en)

23/09/2009

Major challenges for quality of public finances ahead


Interim forecast, February 2008 - The current headwinds start to take their toll in the EU English (en)

23/09/2009

The global economy is cooling and the financial turmoil still ongoing. So far, the European economy has weathered these headwinds relatively well, but can no longer escape unaffected. Growth is revised down by 0.4 pp. in 2008 and the high inflation is fading only gradually.


EU interim forecasts: sharper-than-expected slowdown English (en)

23/09/2009

As global headwinds intensify the prospects for economic growth in the euro area and the EU worsen and inflation has not yet started to moderate September 2008


Economic Sentiment Indicator (ESI) declines further in both the EU and the euro area in August English (en)

23/09/2009

It fell by 1.9 points in the EU and by 0.7 of a point in the euro area, to 86.9 and 88.8 respectively. In the EU, the ESI reached its lowest level since December 1993.


MICREF - The database on microeconomic reforms English (en)

23/09/2009

The database covering microeconomic reform measures in all 27 EU Member States is now online


Ireland's housing market: bubble trouble - Jānis Malzubris English (en)

23/09/2009

The housing sector was a significant driver of Ireland's growth performance during the last decade, reflecting strong country-specific fundamentals.


Commission puts forward a revision of rules on bank capital requirements English (en)

23/09/2009

The proposal to revise the rules is designed to reinforce the stability of the financial system...


Economic sentiment continues to decline in both the EU and the euro area English (en)

23/09/2009

In September, the Economic Sentiment Indicator (ESI) fell by 1.5 points in the EU and by 0.8 points in the euro area, to 85.2 and 87.7 respectively.


President Barroso on the EU response to the financial market crisis English (en)

23/09/2009

Video transmission of Mr Barroso's press conference of Tuesday, 14 October 12:15 CET  


Commission Communication: From financial crisis to recovery: a European framework for action English (en)

23/09/2009

The Commission has adopted a Communication setting out a coordinated European recovery action plan. It is based on a new European financial market architecture, a framework plan for the recovery of the real economy and a global response to the financial crisis


Commission reviews Monetary Agreements with Monaco, San Marino and Vatican English (en)

14/07/2009

Ten years after the introduction of the euro, the Commission reviewed the functioning of the Monetary Agreements which enabled Monaco, San Marino and Vatican to use the euro as official currency and to produce euro coins bearing their national symbols.


Monetary Conditions Index - March 2011 English (en)

08/07/2009

A Monetary Conditions Index (MCI) is an index number calculated from a linear combination of the short-run interest rate and the exchange rate. As a rule, the weights reflect the relative effects of the respective MCI component on aggregate demand (or in some cases on inflation).


Quarterly report on the euro area - June 2009 English (en)

29/06/2009

Early signs of improvement but euro-area economy is still in contraction mode


Eurogroup adopts terms of reference on budgetary policies English (en)

15/06/2009

The new Terms of Reference were adopted by Ministers at their last meeting on 8 June in Luxembourg.


Facilitating the free circulation of euro cash English (en)

18/05/2009

The Commission has launched an initiative to facilitate the cross-border transport of euro cash.


Spring forecasts 2009-2010 English (en)

04/05/2009

A tough 2009, but EU economy set to stabilise as support measures take effect


ECFIN Tax and Benefits Database update – April 2012 English (en)

29/04/2009

The tax and benefits indicators database presents results of an on-going joint European Commission/OECD project, aimed at monitoring the direct influence of tax and benefit instruments on household incomes and incentives to work.


Commission Communication - Changeover to the euro in Slovakia English (en)

20/04/2009

The Commission today  adopted a Communication on the introduction of the euro in Slovakia. It presents the salient aspects of the change and draws some important lessons for future changeovers


Quarterly report on the euro area - March 2009 English (en)

31/03/2009

Reviewing the latest economic and financial developments, the report finds that after some improvement at the end of 2008, the crisis in financial markets intensified again at the beginning of 2009.


"Eurocompetition" on ten years of the euro English (en)

09/03/2009

The Slovak winner of  the design competition was invited to Brussels to receive her award.


Euron juhlaa: eurocompetition-kilpailun voittojulisteet

05/02/2009

Yli 1,800 osallistujaa käytti luovuuttaan suunnittelemalla julisteen, joka kuvastaa yhteisvaluutan etuja ja tulevaisuutta.


Euron juhlaa: eurocompetition-kilpailun voittojulisteet

05/02/2009

Yli 1,800 osallistujaa käytti luovuuttaan suunnittelemalla julisteen, joka kuvastaa yhteisvaluutan etuja ja tulevaisuutta.


Panel discussion on the first ten years of EMU in San Francisco English (en)

23/01/2009

On 3-5 January the American Economic Association (AEA) held its annual meeting in San Francisco. Marco Buti, Director General of the Direcrorate General Economic and Financial Affairs,  chaired a panel on the first ten years of EMU


European Economy News: Issue 12 English (en)

20/01/2009

As the financial crisis infects the economy at large, the EU has unveiled its economic action plan to give the European economy a much-needed boost. This is the latest in a series of robust coordinated measures to stave off a deepening recession and to turn crisis into opportunity with key reforms of the European and global financial sectors.


Slovakia joins the euro English (en) slovenčina (sk)

16/01/2009

The European Commission closely monitored the changeover to the euro in Slovakia that started on 1 January 2009. News updates on the latest developments, based on surveys conducted by the Commission and the national authorities, were available daily from 1 January to 16 January 2009.


Quarterly report on the euro area - December 2008 English (en)

19/12/2008

The global financial crisis has deepened further and considerably darkened the economic outlook for 2009. The euro area has entered into recession territory and confidence is close to historical lows...


Documentary - Economic and Monetary Union - 10th anniversary of the euro Deutsch (de) English (en) español (es)

18/12/2008

The documentary includes soundbites and interview clips with many of the key players in the creation of the euro such as Jacques Delors and Theodor Waigel; longer interview strands with these figures are also available.


Documentary - Economic and Monetary Union - 10th anniversary of the euro Deutsch (de) English (en) español (es)

18/12/2008

The documentary includes soundbites and interview clips with many of the key players in the creation of the euro such as Jacques Delors and Theodor Waigel; longer interview strands with these figures are also available.


New Commission Recommendation on common guidelines for the national sides and the issuance of euro coins intended for circulation English (en)

12/12/2008

The new guidelines are based on a thorough review of the functioning of the rules for the national sides of euro coins during the first six years of euro cash.


Eighth Report on practical preparations for the euro: Final countdown for Slovakia English (en)

12/12/2008

With less than 3 weeks to go before the introduction of the euro in Slovakia, the Commission concluded today that Slovakia's preparations are well advanced and that the changeover to the euro should be smooth.


Slovaks ready for the euro English (en)

14/11/2008

A new Eurobarometer survey shows that 80% of Slovaks consider themselves ready for the euro, which will be introduced on 1 January 2009.


Five years of an enlarged EU – a positive-sum game English (en)

14/11/2008

A selection of speeches and presentations given at this workshop on 13 and 14 November will soon be made available.


Economic Forecast autumn 2008: growth comes to a standstill in the wake of the financial crisis English (en)

03/11/2008

As global growth slows sharply and with the financial crisis having escalated, economic growth grinds almost to a standstill


Quarterly report on the euro area - October 2008 English (en)

09/10/2008

The report first assesses recent economic developments and short-term prospects in the euro area. It highlights the fact that conditions in the international financial system have deteriorated significantly since the summer and the financial crisis is now the most serious since 1929...


Labour market and wage developments in 2007, with special focus on the impact of immigration English (en)

07/10/2008

Dynamism that had characterised the EU labour market from the mid-1990s also continued in 2007. EU employment grew by 1.8 %, the highest rate since 2000.


Ireland's housing market: bubble trouble - Jānis Malzubris English (en)

23/09/2008

The housing sector was a significant driver of Ireland's growth performance during the last decade, reflecting strong country-specific fundamentals.


Euron kymmenvuotisjuhlia viettämään Eurocompetitionin avulla!

15/09/2008

Eurocompetition (www.eurocompetition.net) on verkon kautta toteutettava julisteen suunnittelukilpailu 10-14-vuotiaille koululaisille euroalueella sekä Slovakiassa. Se järjestetään Euroopan unionin talous- ja rahaliiton (EMUn) sekä euron kymmenvuotisjuhlan kunniaksi, ja se käynnistyy nyt!


Euron kymmenvuotisjuhlia viettämään Eurocompetitionin avulla!

15/09/2008

Eurocompetition (www.eurocompetition.net) on verkon kautta toteutettava julisteen suunnittelukilpailu 10-14-vuotiaille koululaisille euroalueella sekä Slovakiassa. Se järjestetään Euroopan unionin talous- ja rahaliiton (EMUn) sekä euron kymmenvuotisjuhlan kunniaksi, ja se käynnistyy nyt!


Preparations for the euro in Slovakia are proceeding well English (en)

18/07/2008

In its Report, the Commission concludes that preparations in Slovakia are well advanced in many areas but further efforts are necessary.


8 July 2008: The euro on course for Slovakia English (en)

08/07/2008

Ecofin Council celebrated after giving the green light for euro introduction in Slovakia in 2009 and deciding on the conversion rate!


Kids, get to your drawing boards! English (en)

03/07/2008

Poster design competition for schools to celebrate 10 years of the euro


Quarterly report on the euro area - June 2008 English (en)

24/06/2008

At the beginning of May 1998, European Union leaders took the historic decision to move to the Third Stage of Economic and Monetary Union and the launch of the euro on 1 January 1999. Ten years later, EMU is one of the greatest achievements of EU integration ...


Realignment of the Slovak koruna in the Exchange Rate Mechanism II (ERM II) English (en)

29/05/2008

The new central rate of the koruna is 1 euro = 30.1260 koruna.


Every reason to be proud English (en)

20/05/2008

Commissioner Joaquín Almunia's opening address to the 2008 Brussels Economic Forum on 15 May looked back with pride on the first decade of the single currency. This year's Forum coincided with the 10th anniversary in May 1998 of the landmark decisions which paved the way for Economic and Monetary Union and the launch of the euro in 1999.


EMU@10 - successes and challenges after ten years of Economic and Monetary Union English (en)

07/05/2008

Ten years after its launch, the euro is a resounding success. It is a symbol of European integration and has helped us run sound public finances and macroeconomic policies which have contributed to greater job creation.


Commission Communication shows euro introduction in Cyprus and Malta was a success English (en)

18/04/2008

All available data confirm that both changeovers went smoothly and efficiently. Citizens perceived them as successful.


Commissioner Almunia awards prizes to schoolchildren from Cyprus and Malta English (en)

17/04/2008

After winning their national euro school competitions, three teams of schoolchildren from Cyprus and a team from Malta travelled to Brussels to meet Commissioner Almunia.


Financial Market Integration under EMU - Tullio Jappelli and Marco Pagano English (en)

27/03/2008

European Monetary Union has been the single most important policy-induced innovation in the international financial system since the collapse of the Bretton-Woods system. By eliminating exchange rate risk, EMU has eliminated a key obstacle to financial integration.


Quarterly Report on the Euro Area. March 2008 English (en)

26/03/2008

Despite the sound economic fundamentals of the euro area, the strong headwinds have begun to take a toll on euro-area GDP growth. GDP growth decelerated from 2.6% year-on-year in the third quarter of last year to 2.2% year-on-year in the fourth quarter.


The winning design of the new euro coin! English (en)

18/03/2008

Congratulations to our prizewinner! On 14 March, Joaquín Almunia, Commissioner for Economic and Monetary Affairs, met with the prize winner Michal Milewski.


Euron 10-vuotisjuhlaraha on valittu

15/03/2008

Kaikki euroalueen maat laskevat vuoden 2009 alussa liikkeeseen ulkoasultaan yhtenäisen kahden euron juhlakolikon talous- ja rahaliitto EMUn perustamisen ja euron 10-vuotisjuhlan kunniaksi.


Euron 10-vuotisjuhlaraha on valittu

15/03/2008

Kaikki euroalueen maat laskevat vuoden 2009 alussa liikkeeseen ulkoasultaan yhtenäisen kahden euron juhlakolikon talous- ja rahaliitto EMUn perustamisen ja euron 10-vuotisjuhlan kunniaksi.


The Impact of the Euro on International Stability and Volatility - Stefan Gerlach and Mathias Hoffmann English (en)

11/03/2008

This paper investigates the impact of EMU on macroeconomic volatility. The volatilities of inflation and nominal interest rates have declined, as has, more importantly, the volatility of real consumption growth.


Assessment of stability and convergence programmes English (en)

13/02/2008

Commission assesses Stability Programmes of Austria, Cyprus, Malta, Portugal and Slovenia and Convergence Programmes of Bulgaria, the Czech Republic, Estonia and Latvia


Commission recommendation on measures to facilitate future changeovers to the euro English (en)

15/01/2008

The European Commission has issued a new recommendation addressed to Member States with a derogation, as well as banks, enterprises, trade associations and consumers' organisations in these Member States.


Changeover to the euro in Cyprus and Malta ελληνικά (el) English (en) Malti (mt)

01/01/2008

The European Commission is monitoring the changeover to the euro in Cyprus and Malta starting on 1 January 2008. News updates on the latest developments, based on surveys conducted by the Commission and the national authorities, are available daily from that date onwards.


European Commission boosts euro communication in Slovakia English (en)

17/12/2007

Commissioner Joaquín Almunia recently signed a Partnership Agreement with the Slovak Minister of Finance Ján Počiatek to allow a better coordination of their communication campaigns for a smooth changeover to the euro on 1 January 2009. 


Economic sentiment stable in the EU and slightly down in the euro area English (en)

09/11/2007

In March, the Economic Sentiment Indicator (ESI) was broadly unchanged at 107.4 in the EU, while it decreased by 0.6 point to 107.3 in the euro area.


2011 Pre-Accession Economic Programmes published for Croatia, Iceland, Former Yugoslav Republic of Macedonia, Montenegro and Turkey and Commission assessments for 2011 English (en)

26/10/2007

The Pre-Accession Economic Programmes (PEPs) are part of the pre-accession fiscal surveillance procedure, which aims at preparing the candidate countries for the participation in the multilateral surveillance and economic policy co-ordination procedures currently in place in the EU as part of the Economic and Monetary Union.


iGrowGreen, ECFIN's indicator-based assessment framework designed to assess how Member States' structural reforms can contribute to a competitive, greener economy, is now available English (en)

23/10/2007

iGrowGreen, ECFIN's indicator-based assessment framework designed to assess how Member States' structural reforms can contribute to a competitive, greener economy, is now available on ECFIN's website


Economic assistance to Member States - update - new EU 7 year bond to be issued soon English (en)

28/06/2007

The EU is empowered by the EU Treaty to adopt borrowing programmes to mobilise the financial resources necessary to fulfill its mandate.

Update 28 September 2011 - EU new 7yr bond to be issued soon


Statement by the European Commission, the ECB and IMF on the Fifth Review Mission to Greece ελληνικά (el) English (en)

12/06/2007

A joint EC/ECB/IMF team has been discussing recent economic developments and reviewing policy implementation in the context of the fifth review of Greece's economic program. The mission has made good progress, but has temporarily left Athens to allow the authorities to complete technical work, among other things, related to the 2012 budget and growth-enhancing structural reforms. The mission expects to return to Athens by mid-September, when we expect the Greek authorities to have completed the technical work, to continue discussions on policies needed to complete the review.


Cyprus and Malta get green light from Commission English (en)

16/05/2007

Malta and Cyprus are a step closer to euro adoption: The European Commission proposed that both countries should be allowed to adopt the euro in 2008.

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