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The financial and economic crisis - chronological overview - November 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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26 November 2008
European Economic Recovery Plan

The Commission adopted a comprehensive action plan for a coordinated response to the economic crisis.
The plan aims to restore consumer and business confidence, restart lending and stimulate investment in the EU's economies, create jobs and help the unemployed back into work. The plan is designed to create a basis for rapid agreement between Member States to get Europe's economy moving again. The European Commission called on the European Heads of State and Government to adopt the plan at their meeting on 11-12 December 2008.
>> A comprehensive action plan for a coordinated response to the economic crisis

19 November 2008
Memorandum of Understanding on financial assistance to Hungary

Following the ECOFIN Council decision of 4 November to provide balance of payments assistance of up to €6.5 billion to Hungary, the Hungarian minister of finance, the Governor of the National Bank of Hungary, and Commissioner Almunia signed a Memorandum of Understanding and a loan agreement. The first instalment of €2 billion is expected to be released before the end of 2008.
>> EU provides €6.5 billion Community financial assistance to Hungary

18 November 2008
European Parliament plenary session debate on financial crisis

This November plenary session included a debate on the EU’s response to the world financial crisis, following the summit in Washington.
>> European Parliament debate on the financial and economic crisis following the G20 summit
>> Speech of Commission president Barroso Europe has to remain right in the centre of things Choose translations of the previous link  (FR)

15 November 2008
G20 Summit in Washington

This summit brought together 19 of the world's largest national economies and the EU, the Secretary General of the United Nations, the Director General of the IMF, the President of the World Bank, and the President of the Financial Stability Forum.

The Heads of State and Governments agreed on five common principles for the reform of financial markets to ensure that a global crisis cannot happen again. These principles express their committment to strenghtening financial market transparency, accountability and sound regulation. The principles further aim to reinforce international cooperation and seek to reform the international financial institutions while rejecting protectionism. An action plan was drawn up for rapid measures by 31 March 2009 whose implementation will be reviewed at a summit in April 2009.
>> Declaration of the summit on financial markets and the world economypdf(68 kB) Choose translations of the previous link 
>> Press speaking points of Commission president Mr Barroso Today we have shown unity and decisive action

13 November 2008
Agreement with China on financial information providers

The EU, US, Canada and China reached a landmark agreement on the treatment of financial information services in China. Financial information suppliers such as Thomson Reuters, Bloomberg and Dow Jones will in future benefit from a new regulatory framework. This ensures that investors and market operators will be able to receive comprehensive and objective financial information.
>> EU and China agree level playing field for financial information providers Choose translations of the previous link 
>> Trade World Trade Organisation (WTO) dispute settlement - China

12 November 2008
Proposal to regulate credit rating agencies

The Commission proposal lays down conditions for the issuance of credit ratings (private companies that evaluate financial risks for investors), needed to restore market confidence, increase investor protection and ensure high quality credit ratings untainted by conflicts of interests.

A registration procedure for credit rating agencies will enable European supervisors to control agencies whose ratings are used within the EU.Credit rating agencies will have to comply with rigorous rules, making sure they are not affected by conflicts of interest, remain vigilant on the quality of the rating methodology and the ratings, and act in a transparent manner. The proposal also includes an effective surveillance regime whereby European regulators will supervise credit rating agencies.
>> Commission adopts proposal to regulate credit rating agencies Choose translations of the previous link 
>> Credit Rating Agencies: Frequently asked questions Choose translations of the previous link 
>> Internal market: Rating agencies and Financial services

High Level Expert Group on EU financial supervision to hold first meeting

The Group, set up on 8 October by Commission President José Manuel Barroso and chaired by Jacques de Larosière, will make recommendations to the Commission on strengthening European supervisory arrangements covering all financial sectors. The objective is to establish a more efficient, integrated and sustainable European system of supervision and also to reinforce cooperation between European supervisors and their international counterparts.

>>First meeting on EU financial supervision

11 November 2008
Conference of the Committee of the Regions
>> Speech of Commissioner Almunia A recipe for recovery: the European response to the financial crisis Choose translations of the previous link 

9 November 2008
G20 Meeting of finance ministers and governors in São Paulo, Brazil

After their regular annual meeting, G20 finance ministers and central bank governors on 9 November issued a communiqué expressing their agreement to take all necessary steps to restore market confidence and minimize the risk of a future crisis.
>> IMF. Communiqué of 9 November

7 November 2008
Informal European Council meeting in Brussels

Meeting ahead of the international summit on the financial crisis to be held on 15 November in Washington, EU leaders confirmed the unity of the EU Member States as they confront the crisis. They agreed on a number of specific principles and approaches which could be adopted at the G20 summit of 15 November to pave the way for reform of the international financial system.
Besides efforts to bolster the International Monetary Fund (IMF), the principles press for more oversight and regulation of the financial industry, more accountability and transparency and new approaches to evaluating risk.
"We are unanimous in wanting to overcome the crisis currently affecting the real economy ", Mr. Barroso stated. "In Washington failure will not be an option, this must be a historic meeting."
>> Statement of Commission President Barroso on the outcome of the informal European Council meeting
>> Council conclusions
>> Financial crisis - moving ahead

4 November 2008
Meetings of finance ministers - Eurogroup and ECOFIN

Preparing the informal European Council of 7 November, finance ministers of the euro area (Eurogroup) and finance ministers of all EU Member States (ECOFIN) discussed the follow up of the European Council conclusions of 15 and 16 October, including a package for an international response to the financial crisis.
>> Agenda and conclusions of Eurogroup/ECOFIN

3 November 2008
Autumn 2008 economic forecast 2008 - 2010

Commissioner Almunia presented the forecast against the background that the economic horizon had significantly darkened. "[...] as the European Union economy is hit by the financial crisis that deepened during the autumn and is taking a toll on business and consumer confidence. Emerging economies are holding up better than the EU and the US, so far, but even they are unlikely to escape unscathed. We need a coordinated action at the EU level to support the economy similar to what we have done for the financial sector."
>> Commission presents economic forecasts for 2009

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