The complete collection of ECFIN Headlines, as featured on our homepage.
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.
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.
The Commission today sent a strong signal to Member States to carry out structural reforms and to continue consolidating their public finances.
"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.
The Council discussed the Investment plan for Europe, growth prospects and macroeconomic imbalances and the EU budget.
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.
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.
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
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
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.
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.
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).
Report on the second post-programme surveillance review for Ireland, and on recent economic developments and outlook for Ireland.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
"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.
"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.
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.
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.
"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.
Commissioner Moscovici welcomed the Eurogroup’s endorsement of the Commission’s Opinions on the Draft Budgetary Plans.
"This process increases the transparency of budgetary policy and I believe, it also reinforces the euro area dimension", said Mr. Moscovici.
This is the second and final loan tranche of the EU's €1 billion Macro-Financial Assistance programme for Ukraine.
Read the full press release.
Post-programme surveillance (PPS) followed the conclusion of the 2008-2010 EU balance of payments assistance programme in Nov 2010.
The Commission conducted the 6th PPS mission to Hungary in Nov 2014 to review recent economic and financial developments and policy initiatives.
The European Commission published today its opinions on the draft budgetary plans of euro area Member States.
5 countries are compliant, 4 are broadly compliant and 7 countries are at risk of non-compliance with the provisions of the Stability and Growth Pact.
Based on a scoreboard of indicators, The Alert Mechanism Report is a filter to identify countries and issues for which a closer analysis (in-depth review) is deemed necessary.
It is the starting point of the Macroeconomic Imbalance Procedure.
The lessons learned from the recent economic, financial and sovereign debt crises have led to important reforms of the EU's economic governance rules. Surveillance systems have been strengthened for budgetary and economic policies and a new budgetary timeline for the euro area has been introduced.
The European Commission today announced a € 315 billion Investment Plan to get Europe growing again and get more people back to work.
Lithuania's practical preparations for the changeover have now entered the final phase.
The Commssion published today a report looking at the preparations for the introduction of euro cash, the measures put in place for protecting consumers in the changeover period and the communication campaign.
The economic situation has continued to improve in Ireland since the end of the EU/IMF-financial assistance programme, with the recovery broadening.
The macroeconomic adjustment process needs to continue and important challenges remain: high unemployment, the debt overhang, and the on-going recovery in the banking sector.
On 14 November 2014, the European Commission hosted the Vienna Initiative Financial Forum on the Banking Sector in Ukraine.
Key stakeholders discuss ways to drive forward much-needed reforms in the financial sector.
The Commission and the ECB made an overall positive assessment.
Highlights: euro changeover completed, fiscal position is under control, financial sector strengthened & judiciary improved. However, crucial reforms need to be implemented with greater urgency.
The Forum reached key conclusions on reducing non-performing loans, credit guarantee schemes to enhance credit provision and close regulatory coordination between the institutions of the banking union.
On 12 November, Commissioner Moscovici addressed the European Parliament on the ambitious European Commission’s agenda to fight against tax fraud tax evasion and aggressive tax planning.
"European solidarity has helped Portugal get back on its feet after the country's deep economic crisis. The Commission continues to stand by the Portuguese people in these still difficult times.", said Commissioner Moscovici.
"We are helping the country address its urgent financing needs, while supporting an ambitious process of reforms to stabilise the economy and create the conditions for sustainable growth and employment in Ukraine.", said Commissioner Pierre Moscovici.
"There is no single, simple answer. There is no magic bullet. We need to use all available tools and do so without delay and with great energy.", said Mr. Moscovici.
Read the Opening remarks of Jeroen Dijsselbloem.
At the press conference following the ECOFIN meeting on 7 November, Commissioner Moscovici commented on the Parent Subsidiary Directive, the work of the G20 on base erosion and profit shifting (BEPS), the Standard VAT return proposal and the Financial Transactions Tax.
Economic and financial conditions in Portugal have generally improved since the end of the EU/IMF-supported programme in June. Progress in structural reforms has lost momentum.
Europe’s economic recovery has lost some momentum due to weak investment and external factors but public finances are improving and growth should pick up again as demand strengthens, structural reforms bear fruit and the legacies of the crisis fade.
Watch the live press conference at 11:00.
Economic Sentiment picks up in both the euro area (by 0.8 points) and the EU (by 0.5 points).
The Business Climate Indicator for the euro area broadly stable at +0.05.
The Commission did not identify any cases of "particularly serious non-compliance" at this stage in the process.
Detailed assessment of the draft budgetary plans is ongoing and the new Commission will adopt its opinions on these in November.
The latest euro area Eurobarometer survey shows that support for the euro remains high and stable in euro area Member States.
The vast majority of citizens support the idea of economic reforms.
Today, the European Parliament gave its strong support to the new European Commission with 423 votes in favour, 209 against and 67 abstentions.
The Juncker Commission can thus start its term of office on 1 November 2014.
The European Parliament report on the European Semester was discussed by the EP plenary in Strasbourg on 21 October.
"This report is a timely and important contribution to the topical debate on economic governance in the EU.", said VP Katainen in his intervention.
"Greece has made immense progress in creating a basis for a sustainable growth model, based on sound public finances, a more competitive economy and a robust, effectively supervised financial sector."
Updates on the economic adjustment programme for Greece published regularly on our website.
The EU's Council of Economic and Finance Ministers took place in Luxembourg on 14 October.
Items debated included: measures in support of investment, research and innovation as sources of renewed growth, follow-up to the G20, IMF and World Bank Group meetings, banking regulations state of play and tax evasion.
The Commission and the ECB concluded that the recent economic and financial developments confirm the positive trends of stabilisation.
They added that it is important to remain vigilant, as challenges are still substantial.
More about Post-programme surveillance for Spain.
"We need to make available as much public investment as necessary, and as much private investment as possible, to support demand in the short term and improve supply in the longer term."
Each candidate is assessed by the European Parliament committees that deal with his/her portfolio.
Details and livestream here: European Parliament hearings.
Vienna Initiative pushes for action plan to deal with non-performing loans in central and south-eastern Europe.
The Vienna Initiative is a private-public sector platform which aims to coordinate responses to pressing financial sector issues in emerging Europe.
The traditional conference, organized in every euro area member-to-be, takes place in Vilnius, on 25 September 2015, at the Lithuanian National Philharmonic Society.
You can watch the live streaming on our conference page.
Lithuanians feel fit for the euro. 51% think that their country is also ready for the changeover, according to a Flash Eurobarometer survey of 1000 citizens.
This report estimates the potential impact of a number of selected, significant product market reforms designed to bring growth in the medium run.
The varied reform efforts in these countries appear to be starting to have a positive effect.
Banking Union will provide a stable basis on which to build greater financial stability, future growth and renewed market confidence.
On 12 September the Eurogroup reaffirmed its commitment to effectively reduce the tax burden on labour.
The Ministers agreed on common principles for the implementation of reforms in this area.
This assistance is part of the EU's and other international donors' efforts to help Tunisia overcome the severe economic difficulties caused by the combination of a weak external economic environment and the political transition process following the 2011 revolution.
This assessment will include a balance sheet review and an individual stress test. It constitutes a major step for strengthening the viability of and confidence in this sector.
The key elements for the assessment were agreed between European Commission, the European Insurance and Occupational Pensions Authority and the Romanian Financial Supervision Authority.
Economic Sentiment falls by 1.5 points in the euro area and by 1.2 points in the EU.
The Business Climate Indicator for the euro area remained broadly flat (at +0.16) compared to July (+0.17).
The Commission adopted today a report on the mission and organisation of the European Systemic Risk Board (ESBR).
The ESRB was created in response to the financial crisis and is a component of the new European System of Financial Supervision.
Economic Sentiment stable in the euro area, decreasing slightly in the EU.
The Business Climate Indicator for the euro area decreased marginally by 0.04 points to +0.17.
The latest Eurobarometer survey shows positive developments in several areas.
It registered a 10 year record high in the number of citizens who feel their voice counts and growing optimism about the economic situation and the future of the EU.
The Cyprus authorities have pursued a cautious fiscal policy, which allowed them to over-achieve fiscal targets consistently. The macroeconomic outlook remains broadly unchanged compared to the fourth review.
Given still high risks, continued full and timely policy implementation remains essential for the success of the program.
Lithuania will join the euro area on 1 January 2015. Fixed conversion rate : €1 = 3.45280 Lithuanian Litas.
Speeches by Jyrki KATAINEN and Algirdas ŠEMETA, Members of the EC, Sandro GOZI, Italian Secretary of State for European Affairs, Peter PRAET, Member of the Executive Board of the ECB, Algirdas BUTKEVIČIUS, Rimantas ŠADŽIUS, Vitas VASILIAUSKAS, and Linas LINKEVIČIUS, members of the Lithuanian Government and Central Bank.
The Commission today reported on Lithuania's practical preparations for the changeover to the euro.
The report confirmed that preparations for Lithuania to join the euro area on 1 January 2015 are proceeding well.
The Commission's Task Force for Greece has published its seventh activity report, covering the period February-May 2014.
Learn more about the Task Force for Greece.
The Council supports the objectives of the Italian Presidency to boost growth and jobs.
In this context, the Commission will report to the European Parliament and to the Council on the application of the EU governance framework by 14 December 2014.
The Council issued recommendations and opinions on economic, employment and fiscal policies planned by the member states.
The European Council will endorse the recommendations on 27 July.
The programme aims to address the financial, fiscal and structural challenges facing the economy in a decisive manner and should allow Cyprus to return to a sustainable growth path.
This report assesses compliance with the terms and conditions set out in the programme with the Cypriot authorities.
Following the European elections, Olli Rehn has resigned from the European Commission in order to take up a seat in the European Parliament from 1 July 2014.
President Barroso has decided that VP Kallas will take responsibility for economic and monetary affairs and the Euro, pending a decision on the replacement of Mr Rehn.
The European Commission mission was linked to the EU balance of payments assistance provided to Hungary between 2008 and 2010.
The mission welcomed recent improvements in the macroeconomic situation and called for specific measures to stimulate economic growth and boost structural reforms.
Economic Sentiment down in the euro area, broadly stable in the EU.
The Business Climate Indicator for the euro area decreased by 0.14 points to +0.22.
The euro area member states agreed with the Commission's assessment that Lithuania has achieved a high degree of sustainable convergence with the euro area, and that it therefore fulfils the conditions for adopting the euro as its currency.
11 EU member states will remain subject to the excessive deficit procedure, down from 24 at the beginning of 2011.
The Council approved today draft recommendations and opinions on economic and fiscal policies planned by the member states.
Approval of the texts is a key stage in the European Semester, an annual policy monitoring process.
The Eurogroup welcomes the Troika's conclusion that Cyprus' adjustment programme remains on track and endorses the disbursement of the next tranche of financial assistance to Cyprus.
The EU's Council of Economic and Finance Ministers will take place in Luxembourg on 20 June at 10.00.
On the agenda: draft EU budget for 2015, taxation, bank contributions to resolution funds, the Country-Specific Recommendations, the Excessive Deficit Procedure, Convergence Reports and enlargement of the euro area.
"The European Union is providing essential support for Ukraine's efforts to address its major economic challenges. Today's disbursement is a further concrete sign of European solidarity towards the people of Ukraine.", said Olli Rehn, VP for Economic and Monetary Affairs and the Euro.
The Portuguese government intends to await the pending Constitutional Court rulings concerning adopted budgetary measures before formulating a comprehensive response.
The European Commission, the ECB and the IMF take note of this and encourage the government to continue with the ongoing structural reforms.
See the recorded debate and photos on the BEF 2014 website
Latest Eurobarometer in the newer EU Member States reverses trend. In the latest Flash Eurobarometer 400 survey carried out in late April 2014, some 7 000 respondents across the EU’s seven newest members –Bulgaria, Czech Republic, Croatia, Hungary, Lithuania, Poland and Romania (NMS7)- were interviewed by phone.
In the report, the European Commission assesses eight Member States' readiness to join the single currency. While there has been uneven progress on the road to euro adoption in the other seven Member States, Lithuania now fulfils the convergence criteria and is set to become the 19th euro area member in 2015.
The European Commission has today adopted a series of economic policy recommendations to individual Member States to strengthen the recovery that began a year ago.
Here are some questions and answers about the 2014 Country-specific recommendations.
The Commission recommends that Austria, Belgium, the Czech Republic, Denmark, Slovakia and The Netherlands exit the Excessive Deficit Procedure.
The Commission has also published a report on Finland and concluded that Poland and Croatia have taken effective action to lower their deficits.
Economic Sentiment rises in the euro area, remains broadly stable in the EU.
The Business Climate Indicator for the euro area increased slightly by 0.09 points to +0.37.
Today, the European Commission, on behalf of the EU, disbursed a first loan tranche of €100 million to Ukraine.
After Ireland and Spain, Portugal is the third euro area country to successfully graduate from its financial assistance programme.
"The European Commission has stood by Portugal throughout the crisis. We will continue to support and encourage Portugal's ongoing efforts", said VP Kallas.
The EC, ECB and IMF issued a statement following the fourth programme review mission to Cyprus.
The programme is on track, meeting its fiscal targets and advancing with restructuring plans. Key challenges: to effectively reduce non-performing loans, to maintain public finances on a sustainable path and to strengthen institutions.
Leading financial officials from across Europe describe the significance of the economic and monetary union and of the euro in these short video testimonials for citizens.
Continuing economic recovery in the EU following its emergence from recession one year ago.
"Deficits have declined, investment is rebounding and, importantly, the employment situation has started improving." said Vice-President Siim Kallas.
This evening, the Portuguese Government announced its decision to exit the EU/IMF programme on 17 May as planned.
The European Commission will support the Portuguese authorities and people in this sovereign choice.
The EC and the ECB issued a statement following the first post-programme surveillance mission to Ireland. Overall, the outlook for Ireland has continued to improve since the conclusion of the EU/IMF-supported programme.
The EC, ECB and IMF issued a statement on the Twelfth Review mission to Portugal. The programme remains on track to be concluded and it has put the Portuguese economy on a path towards sound public finances, financial stability and competitiveness.
The EU's Council of Economic and Finance (ECOFIN) Ministers will take place in Brussels on 6 May at 11.00.
On the agenda: Parent-Subsidiary Directive; Financial Transaction Tax; In-depth Reviews in the context of the Macro-economic Imbalance Procedure; and follow-up to international meetings.
Economic Sentiment slips in the euro area, rises further in the EU.
The Business Climate Indicator for the euro area decreases slightly by 0.13 points to +0.27.
European Commission Vice-President Siim Kallas today signed the Memorandum of Understanding on the new €1 billion Macro-Financial Assistance (MFA) loan programme to Ukraine.
Building on the impressive fiscal consolidation effort in recent years, Greece has exceeded its fiscal target in 2013, as a primary surplus in programme terms has been recorded.
Both soft indicators and hard data point to a bottoming out of the protracted economic recession, and confirm the programme expectation that Greece should return to economic growth in 2014.
The report published today assesses the implementation of Portugal's Economic Adjustment Programme.
The programme implementation is broadly on track. The review paves the way for the disbursement of EUR 2.5 billion under the Economic Adjustment Programme.
The assessment of post-programme developments is mixed.
Latvia enjoys fast GDP growth rates and the outlook for 2014 and 2015 is overall encouraging, but some problems remain to be addressed with a greater sense of urgency.
The European Commission today adopted a report on the introduction of the euro in Latvia.
The report draws some useful conclusions for future changeovers in other Member States.
The Commission and the ECB concluded that the positive trends of policy progress, ongoing economic adjustment and diminishing financial stress have continued.
Important challenges to sustained economic and employment growth, public finances and the banking sector still remain.
The Commission's Support Group for Cyprus has published its first activity report, covering the period September - December 2013.
Learn more about the Support Group for Cyprus.
The report published today assesses the implementation of Cyprus' Economic Adjustment Programme.
The programme remains on track. The review paves the way for the disbursement of EUR 150m by the ESM, and about EUR 86m by the IMF.
Economic Sentiment up in the euro area and broadly flat in the EU.
The Business Climate Indicator for the euro area remained broadly unchanged at +0.39.
The Greek economy is beginning to stabilise and is poised for a gradual resumption of growth. Prices are adjusting and inflation remains well below the euro area average.
Fiscal performance is on track to meet program targets.
The financial assistance is designed to help Ukraine cover part of its urgent external financing needs.
It is in the context of the stabilisation and reform programme currently under preparation with the help of the International Monetary Fund (IMF).
The financial assistance, in the form of a medium-term loan, will be provided during the course of this year in two instalments: €100 and €80 million.
“This assistance will help ease Jordan’s financing constraints and support its economic reforms, for the sake of improving the living conditions of the Jordanian people.”, said Vice President Rehn.
The Commission's Task Force for Greece has published its sixth activity report, covering the period October 2013-January 2014.
Learn more about the Task Force for Greece.
The EU's Council of Economic and Finance (ECOFIN) Ministers will take place in Brussels on 11 March at 10.00.
The agenda includes taxation of savings income, Single Resolution Mechanism, follow-up to G20 February meeting and economic elements of the EU 2030 energy and climate framework.
The in-depth reviews are carried out as part of the Macroeconomic Imbalance Procedure.
The analysis shows that 14 of the 17 Member States concerned are experiencing imbalances or excessive imbalances.
The economic recovery is strengthening and the programme’s fiscal targets remain unchanged.
The financial sector has continued to stabilise, but challenges remain. The structural reforms agenda needs to be expanded to continue the switch to an export-led growth model.
Economic Sentiment broadly unchanged in the euro area and the EU.
The Business Climate Indicator for the euro area increased slightly by 0.12 points to +0.37.
The European economy continues to recover in most EU countries, though at a different rate and strength.
Since the EU's last forecast in autumn, the outlook both for the bloc and the eurozone has improved.
The report published today assesses the implementation of the Portuguese Economic Adjustment Programme.
Most of the economic indicators point to an economic recovery. The Programme's financing envelope remains sufficient.
The Council adopted today 18 conclusions on the 2014 European Semester: macroeconomic and fiscal guidance to Member States.
The Council broadly shares the Commission's analysis of the economic situation and policy challenges in the EU.
The Alert Mechanism Report (AMR) provides the starting point of the Macroeconomic Imbalance Procedure in the context of the 2014 European Semester.
The Council adopted 8 conclusions on this year's Alert Mechanism Report.
Staff teams from the Commission, the ECB and the IMF concluded their visit to Nicosia today. Discussions focused on policies to restore confidence in the financial system and implementation of the structural reform agenda.
Cyprus’s programme remains on track, with the macro-fiscal outturn better than expected.
The Commission and the IMF visited Bucharest to review the IMF Stand-By Agreement (SBA) and the precautionary balance of payments programme.
Most end-December performance criteria were met and structural benchmarks have either been met or are nearing completion.
Economic Sentiment continues to improve in the euro area and the EU.
The Business Climate Indicator for the euro area remained virtually unchanged at +0.19.
Spain has pulled back from severe problems in some parts of its banking sector, but the reform agenda of the financial sector needs to continue.
VP Rehn's statements on the challenges of the Greek Presidency, the current economic outlook in Europe and the news for Croatia.
The EU's Council of Economic and Finance Ministers will take place in Brussels on 28 January at 10.00.
The agenda includes the Single Supervisory Mechanism, the Greek Presidency's work programme, the excessive deficit in Croatia and the Compact for Growth and Jobs.
This study is part of the 2030 Framework on Climate and Energy package.
It assesses the development of the EU energy system and looks at how energy affects the macroeconomic performance of EU Member States.
The dual circulation period ended on 14 January. Banks, post offices and retailers coped well with the extra workload caused by the changeover process and the parallel handling of two currencies.
Latest data show that the Latvian retail sector is properly supplied with euro cash. The lats will cease to be legal tender on 15 January 2014.
Economic Sentiment rises further in both the euro area and the EU.
The Business Climate Indicator for the euro area remained broadly unchanged at +0.27.
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.
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.
Upon Latvia's euro adoption, more than 333 million Europeans will share the single currency.
Cyprus' fiscal targets have been met with considerable margins, reflecting the ambitious fiscal consolidation underway, prudent budget execution, and a less severe deterioration of economic activity than originally projected.
The EC, ECB and IMF issued a statement regarding the Tenth Review mission to Portugal (4-16 December 2013).
The programme remains on track, and further signs of recovery have emerged since the last review.
Spain has pulled back from severe problems in some parts of its banking sector, thanks to its reform and policy actions, with the support of the euro area and broader European initiatives.
The Product Market Review analyses the impact of product market reforms on economic performance.
This edition's focus is on the interaction between the real economy and the financial sector.
The Commission publishes the report on the 12th and last programme review of the EU-IMF financial assistance for Ireland.
It includes recent economic developments and the outlook for Ireland.
Vice President Rehn welcomes today’s publication of the independent assessment of the health and resilience of the Slovenian banking sector.
Bank of Slovenia website: Comprehensive Review of the Banking System and associated Measures
European Commission officials conducted a mission to Hungary from 4 to 10 December 2013 to review recent developments and policy initiatives in the context of post-programme surveillance linked to EU balance of payments assistance between 2008 and 2010.
10 December : The Council updated its position on bank recovery and resolution and deposit guarantee schemes.
It also looked at Poland's excessive deficit corrective actions and adopted opinions on five economic partnership programmes.
The Commission recommends to end the present excessive deficit situation in Croatia by 2016 and defines intermediate budgetary targets to achieve this.