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The complete collection of ECFIN Headlines, as featured on our homepage.

July 2016: Economic Sentiment resilient in the euro area, but down in the EU driven by the UK

July 2016: Economic Sentiment resilient in the euro area, but down in the EU driven by the UK

In July, the Economic Sentiment Indicator (ESI) remained resilient in the euro area in the wake of the Brexit referendum, marking a marginal increase of 0.2 points (to 104.6), and decreased in the EU (by 0.9 points to 104.8).

 
Commission recommends to cancel fines and to set new fiscal paths for Spain and Portugal

Commission recommends to cancel fines and to set new fiscal paths for Spain and Portugal

Following the Council decision of 12 July 2016 that Spain and Portugal did not take effective action to correct their excessive deficits, the Commission recommended a new fiscal adjustment path for both countries. The College of Commissioners also recommended that the fine be cancelled for both countries.

For more information: press release, memo, press remarks by Vice-President Dombrovskis and Commissioner Moscovici

 
Eurogroup, 11/07/2016 - Main results

Eurogroup, 11/07/2016 - Main results

The Eurogroup discussed the economic situation in the euro area, outcomes of the post-programme surveillance missions in Portugal and Ireland, the budgetary situation in Portugal and Spain, the euro area fiscal stance in 2017 and improving conditions for investment. 

-> Commissioner Moscovici opening remarks at the Eurogroup press conference

 
Stability and Growth Pact: Commission confirms absence of effective action by Spain and Portugal

Stability and Growth Pact: Commission confirms absence of effective action by Spain and Portugal

On 7 July 2016, in response to 2013 Council recommendations, the College of Commissioners adopted recommendations for Council decisions under Article 126(8) TFEU establishing the absence of effective action by Spain and Portugal for the years 2014 and 2015.

For more information: press release, memo and press remarks by Vice-President Dombrovskis and Commissioner Moscovici

 

 
Commission reports on Pericles programme protecting euro banknotes and coins from being counterfeited

Commission reports on Pericles programme protecting euro banknotes and coins from being counterfeited

The European Commission and the European Central Bank are working together to protect euro notes and coins in close cooperation with Europol and Interpol. See the 2015 Commission annual report on the Pericles 2020' programme for the protection of the euro against counterfeiting. For general formation on how the EU is working together to protect euro banknotes and coins from being counterfeited, see this video.

 
EU-Jordan: Commission proposes further EUR 200 million in Macro-Financial Assistance

EU-Jordan: Commission proposes further EUR 200 million in Macro-Financial Assistance

Today, the Commission has proposed additional Macro-Financial Assistance (MFA) to Jordan of up to EUR 200 million in medium-term loans at favourable financing conditions.

 
Macro-Financial Assistance

Macro-Financial Assistance

The EU works to establish a close economic and political dialogue with its neighbouring countries and also offers emergency loans and grants in difficult times. This new video episode of  "European Economy Explained" shows how macro-financial assistance is arranged.

 
June 2016: Economic Sentiment broadly unchanged in both the euro area and the EU

June 2016: Economic Sentiment broadly unchanged in both the euro area and the EU

In June, after two consecutive months of improved readings, the Economic Sentiment Indicator (ESI) remained broadly unchanged in both the euro area (-0.2 points to 104.4) and the EU (+0.1 points to 105.7).

Note: All survey results reported in this press release were collected before the announcement of the results of the UK referendum on EU membership on 24 June.

 
Tunisia: Council approves financial assistance

Tunisia: Council approves financial assistance

The Council adopted a decision providing a maximum of €500 million in macro-financial assistance to Tunisia. The aim is to support economic stabilisation of the country and a substantive reform agenda, contributing to reducing its external financing gap. The support will be shared with the IMF, which on 20 May 2016 extended the arrangement under its extended fund facility for Tunisia for US$2.9 billion. 

 
UK Referendum on Membership of the European Union

UK Referendum on Membership of the European Union

The European Commission takes note of the outcome of the UK Referendum.

See what happens next.

 
June 2016: Flash consumer confidence indicator for EU and euro area

June 2016: Flash consumer confidence indicator for EU and euro area

In June 2016, the DG ECFIN flash estimate of the consumer confidence indicator remained broadly stable in both the EU (-0.1 points to -5.8) and the euro area (-0.3 points to -7.3) compared to May.

 
VP Dombrovskis on the latest ECOFIN

VP Dombrovskis on the latest ECOFIN

EMU Deepening, CSRs, Anti-Tax Avoidance and Anti-Terrorism Financing.

 
Commission welcomes EU Council’s backing for a new regulatory framework of Money Market Funds

Commission welcomes EU Council’s backing for a new regulatory framework of Money Market Funds

The European Commission welcomes the agreement on the reform of Money Market Funds (MMFs) that was reached today at the Permanent Representatives Committee (COREPER) of the Council.

 
Eurogroup

Eurogroup

The Eurogroup discussed recent inflation and exchange rate developments in the euro area, the sustainability of pension systems and the IMF's recommendations for the euro area. It also adopted its work programme for the second half of 2016.

Commissioner Moscovici's introductory remarks at the Eurogroup press conference

 
Brussels Economic Forum 2016

Brussels Economic Forum 2016

The 16th Brussels Economic Forum focused on the Economic and Monetary Union, structural reforms, economic adjustment programmes and the European Investment Plan. The opening Tommaso Pado-Schioppa lecture was delivered by ECB president Mario Draghi.

Keynote speech by Vice-President Dombrovskis
Keynote speech by Vice-President Katainen
Speech by Commissioner Moscovici

 
Commission releases 2016 Convergence Report

Commission releases 2016 Convergence Report

The 2016 Convergence Report, published today, assesses Member States' progress on moving towards euro adoption. This year's report covers the seven Member States that are legally committed to adopt the euro: Bulgaria, the Czech Republic, Croatia, Hungary, Poland, Romania and Sweden.

 
May 2016: Economic Sentiment increases in both the euro area and the EU

May 2016: Economic Sentiment increases in both the euro area and the EU

In May the Economic Sentiment Indicator (ESI) increased in both the euro area (by 0.7 points to 104.7) and the EU (by 0.5 points to 105.7).

 
Eurogroup statement on Greece

Eurogroup statement on Greece

A full staff-level agreement was reached between Greece and the European institutions. The Eurogroup welcomed the adoption by the Greek parliament of most of the agreed prior actions for the first review. Following the full implementation of all prior actions and subject to the completion of national procedures, the ESM governing bodies are expected to endorse the supplemental Memorandum of Understanding and approve the disbursement of the second tranche of the ESM programme.

Commissioner Moscovici's opening remarks at the Eurogroup press conference

 
New rules on the protection of the euro and other currencies against counterfeiting apply as of today

New rules on the protection of the euro and other currencies against counterfeiting apply as of today

The Directive on the protection of the euro and other currencies through criminal law measures introduces tougher sanctions for criminals and improved tools for cross-border investigation. These EU rules must be implemented and applied by all Member States as of today.

 
May 2016: Flash consumer confidence indicator for EU and euro area

May 2016: Flash consumer confidence indicator for EU and euro area

In May 2016, the DG ECFIN flash estimate of the consumer confidence indicator increased markedly in both the EU (by 1.1 points to -5.7) and the euro area (by 2.3 points to -7.0) compared to April.

 
Eurobarometer:  Support for the euro varies greatly among the seven newer EU Member States

Eurobarometer: Support for the euro varies greatly among the seven newer EU Member States

The latest Eurobarometer survey carried out in April in seven non-euro area countries shows that 52% of respondents think that the introduction of the euro has had positive consequences in the countries that are already using the common currency. Nevertheless, the proportion of respondents who are in favour of introducing the euro in their own country varies widely, from 64% to 29%. In all seven countries, a majority of citizens thinks that they personally would manage to adapt to the euro as their new currency.

 
Spring 2016 European Semester package: Commission issues country-specific recommendations

Spring 2016 European Semester package: Commission issues country-specific recommendations

18 May. Commission issues country-specific recommendations and recommendations under the Stability and Growth Pact. Member States are making progress with reforms and addressing macroeconomic imbalances, but more is needed to consolidate Europe's recovery.

 
Investment Plan for Europe: First EFSI deal signed in Greece by EIF and ProCredit Group to provide loans for innovative SMEs

Investment Plan for Europe: First EFSI deal signed in Greece by EIF and ProCredit Group to provide loans for innovative SMEs

The European Investment Fund (EIF) and ProCredit group have signed a guarantee agreement to increase lending to innovative small and medium-sized enterprises (SMEs) and small mid-caps in Greece.This transaction benefits from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe.

 
Commissioner Moscovici's opening remarks at the Eurogroup press conference

Commissioner Moscovici's opening remarks at the Eurogroup press conference

As regards the issue of debt, this is first and foremost a matter for the Member States and the ESM. I will simply say that ensuring the sustainability of Greece’s debt is a fundamental element of the agreement reached last summer, and as such I also welcome the constructive discussion that took place in the Eurogroup today.

Read more about the results of the Eurogroup meeting

 
Release of the European Economic Forecast: Spring 2016

Release of the European Economic Forecast: Spring 2016

Commission forecasts euro area growth of 1.6% and EU growth of 1.8% in 2016

Economic growth in Europe is expected to remain modest as key trading partners' performance has slowed and some of the so far supportive factors start to wane. As a result, GDP in the euro area is forecast to continue growing at modest rates over the 2015-2017 period.

 
April 2016: Economic Sentiment picks up in both the euro area and the EU

April 2016: Economic Sentiment picks up in both the euro area and the EU

In April, after three consecutive months of decline, the Economic Sentiment Indicator (ESI) picked up in both the euro area (by 0.9 points to 103.9) and the EU (by 0.5 points to 105.1).

 
Registrations for the Brussels Economic Forum 2016 are now open.

Registrations for the Brussels Economic Forum 2016 are now open.

The Brussels Economic Forum will take place on 9 June at Flagey Building. We are delighted to be joined by European Central Bank President Mario Draghi, who will deliver the 5th Tommaso Padoa-Schioppa lecture. Find out more about the programme and confirmed speakers by visiting the BEF 2016 website.

 
Portugal: Post-Programme Surveillance Report – Winter 2015/2016

Portugal: Post-Programme Surveillance Report – Winter 2015/2016

This report by the European Commission presents the findings of the third post-programme surveillance mission to Portugal and identifies remaining challenges for the Portuguese economy.

 
Spain: Statement following the fifth post-programme surveillance

Spain: Statement following the fifth post-programme surveillance

A team from the European Commission (EC), in liaison with staff from the European Central Bank (ECB), carried out the fifth post-programme surveillance visit to Spain on 11-13 April 2016. The European Stability Mechanism (ESM) participated in the meetings on aspects relating to its early warning system. The mission was limited in scope, and mainly focused on financial sector issues.

 
The G20 and the EU

The G20 and the EU

G20 membership gives the EU the opportunity to ensure its priorities are taken up in the global economic policy debate. In return, the EU benefits from a consistent international framework for the rules of its single market. See how this is a win-win game for all. 

 
Cyprus rejoins the regular cycle of economic policy coordination

Cyprus rejoins the regular cycle of economic policy coordination

Having exited its three-year financial assistance programme at the end of March, Cyprus rejoins the standard economic policy coordination framework under the European Semester.

Find out more about the Post-Programme Surveillance

 
March 2016: Economic Sentiment continues decreasing in both the euro area and the EU

March 2016: Economic Sentiment continues decreasing in both the euro area and the EU

In March, the Economic Sentiment Indicator (ESI) registered the third consecutive drop in both the euro area (by 0.9 points to 103.0) and the EU (by 0.7 points to 104.6).

 
Consumers confidence flash estimate

Consumers confidence flash estimate

In March, the flash estimate of the consumer confidence indicator decreased further in both the EU (by 0.7 points to -7.3) and the euro area (by 0.9 points to -9.7) compared to February.

 
Council conclusions on the fiscal sustainability report

Council conclusions on the fiscal sustainability report

On 8 March 2016, the Council adopted conclusions on fiscal sustainability, identifying the challenges faced by member states as concerns their public finances.

Read more about the publication

 
European Semester 2016: fewer Member States have economic imbalances

European Semester 2016: fewer Member States have economic imbalances

EU Member States are making progress in addressing imbalances in their economies. They have also advanced in carrying out the country-specific recommendations issued last year, although to varying degrees across countries and policy areas. These efforts are key in strengthening the European recovery and fostering convergence. They also reflect the focus of this year's European Semester: re-launching investment, implementing structural reforms and pursuing responsible fiscal policies.

Find out more about each Country's state of play

 
Eurogroup Statement on Cyprus

Eurogroup Statement on Cyprus

The Eurogroup supports the Cypriot government's decision to exit its macroeconomic adjustment programme without a successor arrangement.

 
Commissioner Moscovici remarks at the Eurogroup press conference

Commissioner Moscovici remarks at the Eurogroup press conference

The Eurogroup assessed progress made with respect to the implementation of draft budgetary plans (DBPs) of 17 euro area Member States as envisaged in our statement of 23 November, recalling that Cyprus and Greece were not assessed today as they are subject to a macro-economic adjustment programme.

Read more about the results of the Eurogroup meeting

 
European Semester 2016: Commission publishes Country Reports

European Semester 2016: Commission publishes Country Reports

The European Commission published its annual analysis of the economic and social challenges in the EU Member States, the so-called Country Reports. For 18 Member States identified in the Alert Mechanism Report 2016 of November alongside the Annual Growth Survey, the Country Reports include the In-Depth Review under the Macroeconomic Imbalances Procedure.

 
February 2016: Economic Sentiment decreases further in both the euro area and the EU

February 2016: Economic Sentiment decreases further in both the euro area and the EU

In February, the Economic Sentiment Indicator (ESI) decreased significantly in both the euro area (by 1.3 points to 103.8) and the EU (by 1.5 points to 105.2), marking its second consecutive decline in 2016.

 
Eurobarometer: The role of the euro in international trade

Eurobarometer: The role of the euro in international trade

The European Commission published today a Flash Eurobarometer on "Possible obstacles to using the euro in international trade" as perceived by companies in France, Germany, Italy and the UK in the aircraft and shipbuilding, energy, financial services, and electrical and mechanical engineering industries.

 
Flash consumer confidence indicator for EU and euro area

Flash consumer confidence indicator for EU and euro area

In February 2016, the DG ECFIN flash estimate of the consumer confidence indicator decreased sharply in the euro area (by 2.5 points to -8.8) and the EU (by 2.4 points to -6.6) compared to January.

 
Portugal: Statement following the fourth post-programme surveillance

Portugal: Statement following the fourth post-programme surveillance

Staff from the European Commission, in liaison with staff from the European Central Bank (ECB), visited Portugal from 15 to 22 June to conduct the fourth post-programme surveillance (PPS) mission. This visit also served as specific monitoring in the framework of the EU Macroeconomic Imbalance Procedure. The mission was coordinated with the IMF's fourth post-program monitoring (PPM) mission. Staff from the European Stability Mechanism also participated in the mission on aspects related to its Early Warning System.

 
EU-Tunisia: Commission proposes further EUR 500 million in macro-financial assistance

EU-Tunisia: Commission proposes further EUR 500 million in macro-financial assistance

The European Commission (EC) is ready to further assist Tunisia in overcoming its economic difficulties and achieving more sustainable growth. The Commission has proposed today additional Macro-Financial Assistance (MFA) to Tunisia of up to EUR 500 million.

 
Vice-President Dombrovskis remarks at the ECOFIN press conference

Vice-President Dombrovskis remarks at the ECOFIN press conference

At the ECOFIN council meeting on 12 February, ministers discussed the Commission's Action Plan to strengthen the fight against terrorist financing; tax avoidance; and the EU’s budget for 2017.

Read more about the results of the ECOFIN meeting

 
Commissioner Moscovici's opening remarks at the Eurogroup press conference

Commissioner Moscovici's opening remarks at the Eurogroup press conference

The Eurogroup exchanged views on the economic situation in the euro area, based on the European Commission's presentation of its 2016 winter economic forecast.

Read more about the results of the Eurogroup meeting

 
Release of the European Economic Forecast: Winter 2016

Release of the European Economic Forecast: Winter 2016

The European Commission released its Winter Forecast today. The report – which forecasts a small level of growth across Europe – is an invaluable guide to EU and national policy makers as well as businesses.

 
Submission of projects for the European Investment Project Portal (EIPP) is now open

Submission of projects for the European Investment Project Portal (EIPP) is now open

The EIPP is an online platform enabling EU-based project promoters to reach potential investors worldwide. It is set-up and managed by the European Commission as part of the Investment Plan for Europe.

 
Spain: Evaluation of the Financial Sector Assistance Programme 2012-2014.

Spain: Evaluation of the Financial Sector Assistance Programme 2012-2014.

An evaluation of the design, implementation and achievements of the July 2012 - January 2014 financial sector assistance programme for Spain.

 
Economic Sentiment drops in both the euro area and the EU

Economic Sentiment drops in both the euro area and the EU

In January, the Economic Sentiment Indicator (ESI) decreased markedly in both the euro area (by 1.7 points to 105.0) and the EU (by 1.8 points to 106.7).

 
Kyrgyz Republic: EU releases EUR 15 million of Macro-Financial Assistance

Kyrgyz Republic: EU releases EUR 15 million of Macro-Financial Assistance

The European Commission has approved the release of EUR 15 million as part of the EU's Macro-Financial Assistance (MFA) programme for the Kyrgyz Republic. The payment consists of EUR 5 million in grants and EUR 10 million in loans, and is the second and final part of a EUR 30 million MFA programme.

 
Flash consumer confidence indicator for EU and euro area

Flash consumer confidence indicator for EU and euro area

In January 2016, the DG ECFIN flash estimate of the consumer confidence indicator decreased in the euro area (by 0.6 points to -6.3) and, more marginally so, the EU (by 0.3 points to -4.2) compared to December.

 
Ireland: Post-Programme Surveillance Report

Ireland: Post-Programme Surveillance Report

This report by the European Commission presents the findings of the fourth post-programme surveillance mission to Ireland and identifies remaining challenges for the Irish economy.

 
Commissioner Moscovici's opening remarks at the Eurogroup press conference

Commissioner Moscovici's opening remarks at the Eurogroup press conference

On 14 January 2016, the Eurogroup discussed Greece and Cyprus, the draft European Semester recommendation for the euro area and the interim results of the IMF Article IV consultation.

Read more about the results of the Eurogroup meeting

 
Remarks by Vice-President Dombrovskis at the ECOFIN press conference

Remarks by Vice-President Dombrovskis at the ECOFIN press conference

On 15 January 2016, the Council adopted conclusions related to the Commission's Alert Mechanism Report (AMR), the starting point of the EU's annual Macroeconomic Imbalance Procedure (MIP), as well as on the Commission's Annual Growth Survey 2016, which marks the starting point of the 2016 European semester.
Read more about the conclusions on Alert Mechanism Report 2016 and on the Annual Growth Survey

 
Economic Sentiment improves in the euro area and the EU

Economic Sentiment improves in the euro area and the EU

In December, the Economic Sentiment Indicator (ESI) improved slightly in the euro area (by 0.7 points to 106.8) and, more markedly, in the EU (by 1.4 points to 108.9).

 
 Flash consumer confidence indicator for EU and euro area

Flash consumer confidence indicator for EU and euro area

In December 2015, the DG ECFIN flash estimate of the consumer confidence indicator increased in the EU (by 0.7 points to -3.7), while it remained broadly stable in the euro area (+0.2 points to -5.7) compared to November.

 
Ensuring Healthy Public Finances

Ensuring Healthy Public Finances

Governments are the single largest economic actor and employer in most economies. Find out how the European Commission advises them on how to improve their tax and spending policies to support growth and encourage fairness.
>> Read the Public Finances Report

 
Remarks by Vice-President Dombrovskis at the ECOFIN press conference

Remarks by Vice-President Dombrovskis at the ECOFIN press conference

"I would like to first congratulate Minister Gramegna and the Luxembourg Presidency for their tireless work, professionalism and commitment in steering the Council over the past six months. It has been a very successful and productive Presidency."

 
Commissioner Moscovici's remarks at the Eurogroup press conference

Commissioner Moscovici's remarks at the Eurogroup press conference

The Eurogroup was briefed on the activities of the Single Supervisory Mechanism and on the results of the post-programme surveillance mission to Ireland. It also discussed the implementation of Greece's economic adjustment programme and adopted its work programme for the next six months.

 
EU disburses 100 million euros in Macro-Financial Assistance to Tunisia

EU disburses 100 million euros in Macro-Financial Assistance to Tunisia

The European Commission, on behalf of the European Union (EU), today disbursed 100 million euros in the form of loans to Tunisia.
This is the second tranche of the Macro-financial assistance (MFA) programme to Tunisia, which amounts to 300 million euros in total.

 
Economic Sentiment stable in both the euro area and the EU

Economic Sentiment stable in both the euro area and the EU

In November, the Economic Sentiment Indicator (ESI) remained broadly stable in both the euro area (at 106.1) and the EU (-0.1 points to 107.6).

 
Annual Growth Survey 2016: Strengthening the recovery and fostering convergence

Annual Growth Survey 2016: Strengthening the recovery and fostering convergence

Today’s package launches the annual cycle of economic governance. It sets out general economic and social priorities for the EU and gives Member States policy guidance for the following year.

Find out more

 
Flash consumer confidence indicator for EU and euro area

Flash consumer confidence indicator for EU and euro area

In November 2015, the DG ECFIN flash estimate of the consumer confidence indicator increased markedly in both the EU (by 1.3 points to -4.4) and the euro area (by 1.6 points to -6.0) compared to October.

 
Commission adopts Opinions on the 2016 Draft Budgetary Plans of euro area Member States

Commission adopts Opinions on the 2016 Draft Budgetary Plans of euro area Member States

The European Commission has completed its assessment of the 16 Draft Budgetary Plans (DBPs) for 2016 that euro area Member States submitted by 15 October.

 
Statement by the European Commission, the ECB and the IMF on Cyprus

Statement by the European Commission, the ECB and the IMF on Cyprus

Staff teams from the International Monetary Fund (IMF) and the European Commission (EC), in liaison with the European Central Bank (ECB), visited Nicosia during November 3-13 to review Cyprus’s economic reform program.

 
Statement following the conclusion of the fourth post-programme surveillance mission to Ireland

Statement following the conclusion of the fourth post-programme surveillance mission to Ireland

Staff from the European Commission, in liaison with staff from the European Central Bank, visited Ireland to carry out the fourth post-programme surveillance (PPS) mission from 9 to 13 November. This was coordinated with the International Monetary Fund's fourth post-programme monitoring mission. Staff from the European Stability Mechanism also participated in the meetings on aspects related to its Early Warning System.

 
Climate finance: the EU delivering on its commitments

Climate finance: the EU delivering on its commitments

At the Copenhagen conference in 2009, developed countries committed to jointly mobilise USD 100 billion per year by 2020 from a wide variety of sources to help developing countries cope with the effects of climate change and the transition to a low-carbon development path. Ahead of the international climate change negotiations in Paris later this month, EU finance ministers reported in November a further scaling-up of Europe’s leading contribution to climate finance for developing countries.

 
Eurobarometer: Rising overall support for the single currency in the euro area

Eurobarometer: Rising overall support for the single currency in the euro area

The latest Eurobarometer survey shows that overall support for the euro has further risen in euro area Member States and that a clear majority of citizens support the idea of economic reforms.

 
Autumn 2015 forecast: Moderate recovery despite challenges

Autumn 2015 forecast: Moderate recovery despite challenges

The economic recovery in the euro area and the European Union as a whole is now in its third year. It should continue at a modest pace next year despite more challenging conditions in the global economy.

 
Economic Sentiment broadly unchanged, while Business Climate improves

Economic Sentiment broadly unchanged, while Business Climate improves

The Economic Sentiment Indicator remained broadly unchanged in the EU (-0.1) & euro area (+0.3). Meanwhile the Business Climate Indicator for the euro area showed improvement (by 0.08 points to +0.44).

 
Completing Europe's Economic and Monetary Union

Completing Europe's Economic and Monetary Union

The euro has expanded opportunities for citizens and businesses but the crisis showed that we need more closely coordinated economic policies to realise its full benefits. The Presidents of the five institutions overseeing the euro have a vision to complete Europe's Economic and Monetary Union.

 
Completing Europe's Economic and Monetary Union: Commission takes concrete steps

Completing Europe's Economic and Monetary Union: Commission takes concrete steps

The Commission adopted a package of measures to begin implementing the Five Presidents’ Report. It entails a revised approach to the European Semester, the introduction of national Competitiveness Boards and an advisory European Fiscal Board; a more unified representation of the euro area in international financial institutions, especially the IMF; and steps to complete the Banking Union, notably via a European Deposit Insurance Guarantee Scheme.

 
Press statement following the fourth post-programme surveillance visit to Spain

Press statement following the fourth post-programme surveillance visit to Spain

Staff from the European Commission (EC), in liaison with the European Central Bank (ECB), carried out the fourth post-programme surveillance visit to Spain from 5 to 8 October. The European Stability Mechanism participated in the meetings on aspects related to its own Early Warning System.

 
European Commission adopts Opinion on Spain's 2016 Draft Budgetary Plan

European Commission adopts Opinion on Spain's 2016 Draft Budgetary Plan

The European Commission today adopted its Opinion on the Draft Budgetary Plan (DBP) of Spain for 2016. Spain has been in the corrective arm of the Stability and Growth Pact since April 2009 and has been asked to correct its excessive deficit by 2016. In its DBP, Spain expects the general government deficit to decline to 4.2% of GDP this year and 2.8% in 2016, in line with recommended targets under the excessive deficit procedure and down from 5.8% in 2014.

 
Climate finance: the EU delivering on its commitments

Climate finance: the EU delivering on its commitments

At the Copenhagen conference in 2009, developed countries committed to jointly mobilise USD 100 billion per year by 2020 from a wide variety of sources to help developing countries cope with the effects of climate change and the transition to a low-carbon development path.

 
Economic Sentiment and the Business Climate both show improvements in September

Economic Sentiment and the Business Climate both show improvements in September

In September 2015, the Economic Sentiment and Business Climate Indicators both showed improvements in the euro area and the EU at large.

 
Smart taxation – A winning strategy

Smart taxation – A winning strategy

Taxes can do more than just fund public services; they can also support growth, employment, investment, economic competitiveness and social fairness. Find out how the European Commission encourages smarter taxation.

 
DG ECFIN releases September flash consumer confidence indicator for the EU & euro area

DG ECFIN releases September flash consumer confidence indicator for the EU & euro area

The consumer confidence indicator showed a decrease in the EU, while remaining broadly stable in the euro area compared to August.

 
Economic Sentiment Rises, Business Climate Falls: Indicators for August 2015

Economic Sentiment Rises, Business Climate Falls: Indicators for August 2015

In August 2015, the BCI for the euro area decreased (by 0.20 points to +0.21), while the ESI went up a notch in the EU (+0.4 points to 107.0).

 
Commission signs three-year ESM stability support programme for Greece

Commission signs three-year ESM stability support programme for Greece

The European Commission signed the Memorandum of Understanding (MoU) with Greece for a new stability support programme late on Wednesday 19 August. The European Stability Mechanism (ESM), Europe's firewall established in 2012 in response to the global financial crisis, will be able to disburse up to EUR 86 billion in loans over the next three years, provided that Greek authorities implement reforms to address fundamental economic and social challenges, as specified in the MoU.

 
Business Climate & Economic Sentiment on the rise in EU

Business Climate & Economic Sentiment on the rise in EU

In July, improved euro-area sentiment resulted from higher confidence in industry, services and retail trade. Meanwhile, the Business Climate Indicator has risen 0.14 points.

 
Statement by the European Commission, the ECB and the IMF on Cyprus

Statement by the European Commission, the ECB and the IMF on Cyprus

Staff teams from the IMF and the Commission, in liaison with the ECB, visited Nicosia during July 14-24 2015 to review Cyprus’s economic reform programme.

The teams have reached staff-level agreement on policies that could serve as a basis for completion of the review.

 
July 2015: Consumers confidence flash estimate

July 2015: Consumers confidence flash estimate

This July, the flash estimate of the consumer confidence indicator decreased markedly in both the EU (by 1.6 points to -4.9) and the euro area (by 1.5 points to -7.1) compared to June.

 
Investment Plan for Europe: EFSI ready for take-off in autumn

Investment Plan for Europe: EFSI ready for take-off in autumn

A package of measures agreed today will ensure that the European Fund for Strategic Investments (EFSI) is up and running by early autumn 2015.

 
EuroSummit unanimously reaches agreement

EuroSummit unanimously reaches agreement

After all-night discussions, eurozone leaders have come to agreement on a new reform package for Greece.

 
The European Commission adopts a decision to disburse €600 million in assistance to Ukraine

The European Commission adopts a decision to disburse €600 million in assistance to Ukraine

It corresponds to the first instalment under the new macrofinancial assistance programme for Ukraine, which amounts to a total of 1.8 billion in medium-term loans.

 
VP Dombrovskis' press conference

VP Dombrovskis' press conference

Following the results of the Greek referendum, Vice President Valdis Dombrovskis made these remarks.

 
New Publication Series Simplified and Streamlined

New Publication Series Simplified and Streamlined

Our previous publication structure has been overhauled and streamlined – the original eight series have now been reorganised into 4 series! Visit the publication page for more.

 
June 2015: Business and Consumer survey results

June 2015: Business and Consumer survey results

This June economic sentiment somewhat lower in both the euro area and the EU. The Business Climate Indicator the euro area decreased by 0.14 points.

 
Statement following the Commission's staff mission to Romania

Statement following the Commission's staff mission to Romania

European Commission staff visited Romania to conduct a review of the precautionary EU balance of payments financial assistance programme (2013-15).

Important steps have been taken in some areas and the macroeconomic situation is strong.

 
Staying ahead – Investing in Europe

Staying ahead – Investing in Europe

To shift economic growth into a higher gear and create more jobs, we need to invest more in the real economy. The European Union is helping countries and businesses to work as a team; identifying priorities and engineering solutions. A core part of this strategy is the EU’s Investment Plan for Europe, which should mobilise 315 billion euros of investment over the next three years.

 
Ambitious plans for strengthening Europe's Economic and Monetary Union revealed

Ambitious plans for strengthening Europe's Economic and Monetary Union revealed

Plans were revealed on how to deepen the Economic and Monetary Union as of 1 July 2015 and how to complete it by latest 2025.

 
Statement on Portugal

Statement on Portugal

Staff from the European Commission, in liaison with staff from the European Central Bank, visited Portugal from 4 to 12 June to conduct the second post-programme surveillance mission. This visit also served as specific monitoring in the framework of the EU Macroeconomic Imbalance Procedure.

 
A smooth euro changeover in Lithuania

A smooth euro changeover in Lithuania

The European Commission adopted on 27 May a report on the introduction of the euro in Lithuania. This report covers the most important aspects of the changeover process from an ex post perspective, acknowledging that the changeover in Lithuania was well prepared and smoothly implemented. The report also draws some useful conclusions for future changeovers in other Member States.

 
May 2015: Business and Consumer Surveys

May 2015: Business and Consumer Surveys

This May economic sentiment remained unchanged in the euro area and the EU. The Business Climate Indicator decreased slightly.

 
Negotiations on the Regulation for a European Fund for Strategic Investments successfully concluded

Negotiations on the Regulation for a European Fund for Strategic Investments successfully concluded

EU legislators successfully concluded negotiations on the Regulation for a European Fund for Strategic Investments (EFSI), the core of the Investment Plan for Europe. This means that the Fund will become operational and start financing projects at the end of the summer.

 
EU and Ukraine sign Memorandum of Understanding for €1.8 bn in financial assistance

EU and Ukraine sign Memorandum of Understanding for €1.8 bn in financial assistance

Today in Riga, European Commission Vice-President Valdis Dombrovskis, Ukraine's Finance Minister Natalie Jaresko and the Governor of the National Bank of Ukraine Valeria Gontareva signed a Memorandum of Understanding and loan agreement for the third EU Macro-Financial Assistance (MFA) programme to Ukraine.

 
Statement on Cyprus

Statement on Cyprus

Following the recent visit to Nicosia by teams from the International Monetary Fund and the European Commission, in liaison with the European Central Bank, to review Cyprus's economic reform programme, staff-level agreement has been reached on policies that could serve as a basis for completion of the review.

 
New Excessive Deficit Procedure steps published

New Excessive Deficit Procedure steps published

The Commission published today new recommendation under the Excessive Deficit Procedure for Finland, Malta, Poland and the United Kingdom.

 
The 2015 Ageing Report now live

The 2015 Ageing Report now live

The Ageing Report, released every three years, explores the impact that demographic changes will have on the economy of the EU.

 
Commissioner Moscovici's opening remarks at the Eurogroup press conference

Commissioner Moscovici's opening remarks at the Eurogroup press conference

Pierre Moscovici addresses Greece, Cyprus and Ireland.

 
Statement on Cyprus

Statement on Cyprus

The Commission, the ECB, and the IMF welcome the Cypriot authorities’ continued progress on their reform programme.

Staff-level agreement on the review will be possible as soon as all elements of the insolvency and foreclosure framework are available.

 
Spain: results of the third Post-Programme Surveillance mission

Spain: results of the third Post-Programme Surveillance mission

This report provides an assessment of Spain's economic, fiscal and financial situation and is based on the findings of visits to Madrid on 12-18 March and 14 April 2015 by staff from the European Commission and the European Central Bank (ECB). The European Stability Mechanism (ESM) participated in the meetings on aspects related to its own Early Warning System. The report also covers the specific monitoring by the Commission of policy progress in the context of the Macroeconomic Imbalance Procedure (MIP).

 
Eurobarometer: A majority in four newer EU Member States want the euro

Eurobarometer: A majority in four newer EU Member States want the euro

The latest Eurobarometer survey carried out in seven non-euro area countries shows that a majority of citizens in four of them are in favour of introducing the common currency. In all seven countries, most think they will personally manage to adapt to the euro as their new currency.

 
EU disburses 100 million euros in Macro-Financial Assistance to Tunisia

EU disburses 100 million euros in Macro-Financial Assistance to Tunisia

Today the European Commission, on behalf of the European Union, disbursed a loan of €100 million  to Tunisia. This is the first of three such payments to be provided under the Macro-Financial Assistance (MFA) programme approved by the EU in May 2014, totalling in €300 million.

 
Spring 2015 Economic Forecast: Tailwinds support the recovery

Spring 2015 Economic Forecast: Tailwinds support the recovery

Economic growth in the European Union is benefitting from short-term factors that are boosting an otherwise mild cyclical upswing.

Watch the press conference.

 
Ireland: results of the third Post-Programme Surveillance mission

Ireland: results of the third Post-Programme Surveillance mission

Staff from the European Commission, in liaison with staff from the European Central Bank (ECB), visited Ireland to carry out the third post-programme surveillance (PPS) mission from 27 April to 1 May. This was coordinated with the International Monetary Fund's (IMF) third post-programme monitoring (PPM) mission.

 
April 2015: Business and Consumer surveys show slight improvement

April 2015: Business and Consumer surveys show slight improvement

This April economic sentiment remained broadly unchanged in the euroarea and the EU. The Business Climate Indicator increased slightly.

 
Eurogroup’s determination to reach a positive outcome is as strong as ever – Commissioner Moscovici

Eurogroup’s determination to reach a positive outcome is as strong as ever – Commissioner Moscovici

Pierre Moscovici remarks on discussions surrounding Greece, Cyprus and Spain after the latest Eurogroup meeting.

 
April 2015: Consumers confidence flash estimate

April 2015: Consumers confidence flash estimate

This April, the flash estimate of the consumer confidence indicator decreased in both the EU (by 0.4 points to -2.2) and the euro area (by 0.9 points to -4.6) compared to March.

 
Commissioner Katainen welcomes EIB’s €300 million contribution to the Investment Plan for Europe

Commissioner Katainen welcomes EIB’s €300 million contribution to the Investment Plan for Europe

Today the European Investment Bank (EIB) announced that it has approved up to €300 million in financing for the first four projects as part of the Investment Plan for Europe. It will cover R&D, health care, industrial innovation and transport projects.

 
Coin competition - 30 years of the EU flag

Coin competition - 30 years of the EU flag

In July 2015, the nine-teen euro-area countries will jointly issue a commemorative euro coin to celebrate 30 years of the EU flag. Euro-area citizens and residents are invited to select the winning design by public web-voting until 27 May 2015 at www.coin-competition.eu.

 
A balancing act – Addressing macroeconomic imbalances

A balancing act – Addressing macroeconomic imbalances

Europe's economies are interdependent and when one of them gets out of balance, it may affect others too. The European Commission works with countries to identify risks early on and correct them before they threaten the economic stability of the EU. Find out why this is important.

 
Support Group for Cyprus publishes its second Activity Report: Supporting crucial reforms

Support Group for Cyprus publishes its second Activity Report: Supporting crucial reforms

The Support Group for Cyprus published its 2nd report. The Support Group coordinates the technical assistance requested by Cyprus to help implement reforms from its economic adjustment programme and facilitate economic growth.

 
March 2015: Business and Consumers surveys show improvements

March 2015: Business and Consumers surveys show improvements

This March economic sentiment improved further in the euro area and the EU. The Business Climate Indicator increased markedly.

 
Press statement following the third post-programme surveillance visit to Spain

Press statement following the third post-programme surveillance visit to Spain

Staff from the European Commission, in liaison with the European Central Bank, carried out the third post-programme surveillance visit to Spain from 12-18 March. The European Stability Mechanism participated in the meetings on aspects related to its own Early Warning System.

 
Statement by the Presidents of the European Council, the European Commission and the Eurogroup on Greece

Statement by the Presidents of the European Council, the European Commission and the Eurogroup on Greece

Joint statement by Donald Tusk, Jean-Claude Juncker and Jeroen Dijsselbloem on Greece.

 
Commissioner Moscovici's Comments at Eurogroup Press Conference

Commissioner Moscovici's Comments at Eurogroup Press Conference

On the 9th March there was a meeting of the Eurogroup to discuss the major issues facing the European economy. Afterwards, Commissioner for Economic and Financial Affairs Pierre Moscovici had these comments to offer.

 
ECOFIN Council results

ECOFIN Council results

10th March: The Commission presents to the ECOFIN Council the Country Reports as part of the new streamlined European Semester of economic policy coordination.

Commission's proposal for a Council recommendation to France adopted.

 
Commission recommendations under the Excessive Deficit Procedure

Commission recommendations under the Excessive Deficit Procedure

The Commission recommends that no excessive deficit procedure is triggered for Belgium, Italy and Finland.

The Commission also recommends that France be given until 2017 to correct its excessive deficit.

All documents now available online.

 
February results for Business and Consumer Surveys

February results for Business and Consumer Surveys

In February, the Economic Sentiment Indicator (ESI) rose for the second month in a row. It increased by 0.7 points in the euro area (to 102.1) and by 0.4 points in the EU (to 105.1). The positive development in both regions was fuelled mainly by more optimistic consumers.

 
European Semester 2015: College decisions

European Semester 2015: College decisions

The Commission today sent a strong signal to Member States to carry out structural reforms and to continue consolidating their public finances.

 
The Greek government's reform proposals

The Greek government's reform proposals

"The Commission services have carefully reviewed the Greek government's reform proposals sent to you yesterday as President of the Eurogroup". Letter by Vice-President Valdis Dombrovskis and Commissioner Pierre Moscovici to the President of the Eurogroup, Jeroen Dijsselbloem.

 
Economic and Financial Affairs Council, 17 February, Brussels

Economic and Financial Affairs Council, 17 February, Brussels

The Council discussed the Investment plan for Europe, growth prospects and macroeconomic imbalances and the EU budget.

 
Main results of the Eurogroup meeting, 16 February, Brussels

Main results of the Eurogroup meeting, 16 February, Brussels

The discussions covered Greece, Cyprus, the early repayment of Portugal's IMF loans, the economic situation in the euro area and deepening Economic and Monetary Union.

 
EU disburses 100 million euros in Macro-Financial Assistance to Jordan

EU disburses 100 million euros in Macro-Financial Assistance to Jordan

The European Commission, on behalf of the European Union (EU), today disbursed 100 million euros in the form of loans to Jordan.
This is the first tranche of the Macro-financial assistance (MFA) programme to Jordan, which amounts to 180 million euros in total.

 
Statement on Romania

Statement on Romania

Teams from the International Monetary Fund (IMF) and the European Commission (EC) visited Bucharest to continue discussions on the third review under the precautionary IMF Stand-By Agreement and on the first review of Romania’s precautionary balance of payments programme… Read more

 
Statement on Cyprus

Statement on Cyprus

Staff teams from the European Commission, European Central Bank, and International Monetary Fund visited Nicosia during January 27 to February 6. They discussed with the Cypriot authorities... Read more

 
Release of the European Economic Forecast: Winter 2015

Release of the European Economic Forecast: Winter 2015

The European Commission released its Winter Forecast today. The report – which forecasts a small level of growth across Europe – is an invaluable guide to EU and national policy makers as well as businesses.

 
Eurobarometer: Support for the euro in Lithuania increases since changeover

Eurobarometer: Support for the euro in Lithuania increases since changeover

A Eurobarometer survey conducted in Lithuania after the euro fully replaced Lithuanian litas shows that support for the common currency has increased while a substantial majority of citizens say the changeover happened smoothly and efficiently.

 
January results for Business and Consumer Surveys

January results for Business and Consumer Surveys

In January 2015, the DG ECFIN flash estimate of the consumer confidence indicator increased slightly in both the euro area (by 0.6 points to 101.2) and the EU (by 0.5 points to 104.6).

 
Ireland: results of the second Post-Programme Surveillance mission

Ireland: results of the second Post-Programme Surveillance mission

Report on the second post-programme surveillance review for Ireland, and on recent economic developments and outlook for Ireland.

 
EU Investment Offensive: new advisory service on financial instruments

EU Investment Offensive: new advisory service on financial instruments

On 19 January, the Commission and the European Investment Bank launched fi-compass, a new advisory service on financial instruments for the European Structural and Investment Funds.

This service is an important part of the EU Investment Plan.

 
Stability and Growth Pact guidance to encourage structural reforms and investment

Stability and Growth Pact guidance to encourage structural reforms and investment

The Commission publishes guidance on how the rules of the Stability and Growth Pact will be applied to strengthen the link between structural reforms, investment and fiscal responsibility.

 
December results for Business and Consumer Surveys

December results for Business and Consumer Surveys

Economic Sentiment again stable in both the euro area and the EU.

The Business Climate Indicator for the euro area decreased by 0.13 points to +0.04.

 
EU-Ukraine: Commission proposes further €1.8 billion in macro-financial assistance

EU-Ukraine: Commission proposes further €1.8 billion in macro-financial assistance

Today the Commission has proposed new macro-financial assistance to Ukraine of up to €1.8 billion in medium-term loans.

Read full press release.

 
Lithuanians are getting used to euro cash

Lithuanians are getting used to euro cash

The euro changeover in Lithuania is reaching its final stage. On 7 January, about every second person polled confirmed to have mostly or only euro cash in the wallet.

The dual circulation period will come to an end on 15 January 2015.

 
A successful start for the euro changeover in Lithuania

A successful start for the euro changeover in Lithuania

 On 1 January 2015, Lithuania adopted the euro as its official currency and the changeover is running smoothly and according to plan.

 By Saturday, 3 January, 89% of customers were getting their change in euro. No major problems were observed in banks or in the retail sector.

 
Lithuania becomes the 19th Member State to adopt the euro

Lithuania becomes the 19th Member State to adopt the euro

As from 1 January 2015, Lithuania is the newest member of the euro area to share the same currency with over 330 million people in 18 Member States of the European Union.

Read the full press release.

 
Video footage on the run up to the introduction of the euro in Lithuania

Video footage on the run up to the introduction of the euro in Lithuania

On 1st January 2015, Lithuania will become a full member of the euro area. Belonging to the euro area is much more than sharing a currency with other countries. It is about joining a community based on solidarity, responsibility and mutual benefits. To illustrate this, the Audiovisual Services of the European Commission have produced a stockshot.

 
Post-Programme Surveillance for Portugal. Autumn 2014 Report

Post-Programme Surveillance for Portugal. Autumn 2014 Report

The economic and financial conditions in Portugal have further improved since the end of the EU/IMF-supported programme in June 2014. Nevertheless, it is essential that the authorities implement with resolve further structural reforms, public finances continue to be consolidated in a durable manner and access to credit markets is maintained.

 
December results for Business and Consumer Surveys

December results for Business and Consumer Surveys

In December 2014, the DG ECFIN flash estimate of the consumer confidence indicator increased slightly, by 0.6 points, in both the EU (to -7.5) and the euro area (to -10.9).

 
Public Finances in EMU - 2014

Public Finances in EMU - 2014

This report presents (i) recent developments in public finances; (ii) latest improvements in the EU budgetary surveillance framework; (iii) a comparison between budgetary targets in the planning and the implementation phase, and (iv) an assessment of the effectiveness of expenditure-based consolidations in ensuring sound public finances in the EU.

 
Navigating stormy seas - Preventing future crisis

Navigating stormy seas - Preventing future crisis

From the deepest economic crisis the world economy has seen since the great depression, Europe is emerging with new common institutions and a greater commitment to shared responsibility and solidarity. Understand why the crisis happened and how Europe responded.

 
Macro-Financial Assistance for Georgia

Macro-Financial Assistance for Georgia

Georgia can count on continuing support from the European Union.

Commissioner Moscovici signed on 11 December 2014 the Memorandum of Understanding for a €46 million Macro-Financial Assistance programme to Georgia.

 
VP Dombrovskis' remarks on economic governance in the EU

VP Dombrovskis' remarks on economic governance in the EU

"The Commission has set out the economic policy priorities in its Annual Growth Survey. We call for targeted investment, ambitious structural reforms and fiscal responsibility.", said VP Dombrovskis at the ECOFIN press conference on 9 December.

 
Investment plan: VP Katainen's remarks at ECOFIN Council

Investment plan: VP Katainen's remarks at ECOFIN Council

"This is not just a one-off stimulus measure, but a structural plan - or structural reform – at European level." said VP Katainen. "It was very nice to hear the feedback from the ministers, who said that this whole comprehensive approach is exactly what is needed."

The Investment Plan is a triangle: liquidity, project pipeline, Single Market.

 
Everyday training. Managing our economies

Everyday training. Managing our economies

The European Commission closely monitors the economic situation throughout Europe. It helps governments to coordinate so that they all work together for the common good and it provides robust and independent assessments of national policies. Understand how it works.

 
Greece: Commissioner Moscovici's remarks at Eurogroup press conference

Greece: Commissioner Moscovici's remarks at Eurogroup press conference

"It has been agreed in principle that there will be a technical extension of the EFSF programme for two months." said Commissioner Moscovici. "The Commission also welcomes Greece’s intention to request an Enhanced Conditions Credit Line from the ESM."

The statement of the Eurogroup on Greece is available here.

 
Romania: conclusion of the IMF and EC staff visit

Romania: conclusion of the IMF and EC staff visit

The IMF and EC teams reached broad understanding with the authorities on the 2015 budget.

The draft budget is consistent with reaching the medium-term budgetary objective in 2015 while accommodating a faster absorption of EU funds.

 

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