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The financial and economic crisis - chronological overview - October 2008

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. 

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29 October 2008
Commission sets out a coordinated European recovery action plan

This Commission initiative calls for a new EU architecture for financial markets, efforts to create jobs and drive growth, and a global response to the financial market crisis. It is an important contribution to the debate within the EU and with its international partners on how to respond to the current crisis and its impact on the real economy.
>> Commission communication COMM(2008) 706 From financial crisis to recovery

18 October 2008
EU Meeting with US President Bush

Commission President Barroso and current EU president Nicolas Sarkozy discussed the global economic turmoil with US president George W Bush at Camp David. The three leaders agreed to take steps to set up a series of international meetings to review efforts to address the crisis and seek agreement on how to prevent a reoccurrence.
>> US/EU statement on financial crisis

16 October 2008
EU summit calls for reform of the international financial system

In their meeting of 15 and 16 October, EU leaders welcomed the measures undertaken so far by the euro-area countries and other Member States. Looking ahead, the European Council expressed its resolution to seek further concerted and global action to protect the financial market system and taxpayers' interests. It also stressed the need for further action to strengthen European and international financial market rules and supervision.
>> EU Council conclusions on the economic and financial situation Choose translations of the previous link 
>> Speech of Commissioner Almunia Boosting growth and productivity in an open Europe Choose translations of the previous link 

15 October 2008
Proposal to increase minimum protection for bank deposits to €100,000

The European Commission proposed a revision to EU rules on deposit guarantee schemes that puts into action the commitments made by EU Finance Ministers on 7 October 2008. The new rules improve savings protection to maintain the confidence of depositors in the financial safety net.
>> Amendment of the Directive on deposit guarantee schemes

International Accounting Standards (IASs): Changes to mitigate consequences of financial turmoil

The amendments intend to mitigate the consequences of the recent turbulence in financial markets. They ensure that EU companies have the same flexibility as their American competitors to reclassify assets held-for-trading into the held-to-maturity category.
The current financial crisis justifies the use of reclassification by companies. In these circumstances, financial institutions in the EU would no longer have to reflect market fluctuation in their financial statements for these kinds of assets. These changes will apply as from the third quarter of 2008.
>> Adopted changes to accounting standards

14 October 2008
Press conference by President Barroso ahead of the European Council

Commission President Barroso was invited to give a speech at the opening session of the first “European Parliament of Enterprises”, organised in Brussels by Eurochambres. Speaking on the evolution of the financial crisis, he pointed out that decisive action, particularly action in favour of SMEs, would help to ease the pain later.
Mr Barroso, speaks on the EU response to the financial market crisis
>> Transcript of the speech Choose translations of the previous link 

Questions and answers
Europe's immediate response to the financial market crisis Choose translations of the previous link  (MEMO/08/618)

13 October 2008
Guidance for Member States in their support to financial institutions

Based on Treaty rules allowing for aid to remedy a serious problem in the economy of a Member State, the guidance helps to restore confidence in national markets without distorting competition.
>> State aid control

12 October 2008
Consensus on concerted action

At their emergency summit of 12 October, the Heads of State or Government of the euro area countries reached agreement on further steps to restore confidence in and proper functioning of the financial system. Their declaration on a concerted European action planpdf Choose translations of the previous link  pdf (21 kB) Choose translations of the previous link  establishes a list of measures to ensure liquidity for financial institutions and cooperation among European countries.
>> Press conference EU financial market crisis summitavi

10 October 2009
G-7 Finance Ministers and Central Bank Governors Plan of Action

The G-7 agreed hat the current situation called for urgent and exceptional action and commited themselves to continue working together to stabilize financial markets and restore the flow of credit, to support global economic growth.
>> G7 Action plan
>> US Department of Treasury. Statement after the meeting of the G7 Finance Ministers and Central Bank Governors

8 October 2008
Establisment of high-level group

Mr Barroso, President of the European Commission, established a high-level group to decide how to build more effective European and global supervision for global financial institutions, currently supervised mainly at national level. Jacques de Laroisière, former director of the IMF, was appointed as chairman.

Mr Barroso, in preparing the upcoming European Council, spoke in the European Parliament on " The gravity of the financial crisis is clear to all. ..." Choose translations of the previous link 

Central banks cut interest rates

Central banks in Europe and abroad cut interest rates in a coordinated move to ease the credit crunch.

7 October 2008
Meetings of finance ministers - Eurogroup and ECOFIN

Ministers discussed the economic situation with particular attention to the financial market crisis.
>> Agenda and conclusions of Eurogroup/ECOFIN

1 October 2008
Commission proposal on a revision of bank capital requirements

To restore confidence in the financial market system, the Commission proposed new rules which would restrict banks in lending beyond a certain limit to any one party. National supervisory authorities would have a better overview of the activities of cross-border banking groups.
>> Revision of rules on bank capital requirements

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