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The financial and economic crisis - chronological overview - December 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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11/12 December 2008
European Council

The European Council approved the European Economic Recovery Plan, equivalent to about 1,5 % of the GDP of the European Union - a figure amounting to around EUR 200 billion. The plan provides a common framework for the efforts made by Member States and by the European Union, with a view to ensuring consistency and maximising effectiveness.
>> Presidency conclusions

8 December 2008
Commissioner Almunia speech at the European Finance Convention, Brussels
>> Fostering financial stability: European and global actionspdf

5 December 2008
Commission Communication on the recapitalisation of financial institutions
>> C(2008)8259 finalpdf

4 December 2008
European Central Bank (ECB) interest rates cuts

The ECB announced to lower to 2.50% its main refinancing operations in the euro area, starting from operations to be settled on 10 December 2008. This cut is the biggest reduction since the introduction of the euro.The central bank of Sweden and the Bank of England also cut their rates further.
>> ECB Monetary policy decisions

1/2 December 2008
Meetings of finance ministers - Eurogroup and ECOFIN

Finance ministers of the euro area (Eurogroup) and finance ministers of all EU Member States (ECOFIN) agreed on a coordinated European policy response to the financial crisis.
>>Agenda and conclusions of Eurogroup/ECOFIN

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