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.
26 January 2009
Memorandum of Understanding on financial assistance to Latvia
The assistance comes after the ECOFIN Council decided on 20 January 2009 to provide balance of payments assistance of up to €3.1 billion to Latvia. A Memorandum of Understanding and a Loan Agreement, setting out the fiscal, financial sector and structural reform conditions attached to this assistance, were signed on 26 January.
>> EU provides €3.1 billion Community financial assistance to Latvia
Commission proposal to strengthen supervisory
committees and standard-setting bodies for accounting and auditing
The European Commission adopted a set of decisions to strengthen the supervisory framework for EU financial markets to improve supervisory cooperation and convergence between Member States and to reinforce financial stability. Under the new rules, the supervision of securities, banking and insurance sectors will benefit from a clearer operational framework and more efficient decision-making processes. The Commission also proposed EU financial support for the supervising committees and key bodies involved in the standard-setting process for financial reporting and auditing at both EU and international level.
The proposal for financial support passes to the Council
and the European Parliament for consideration.
>> Internal market. Financial services committee architecture
19 January 2009
Interim forecasts for 2009-2010
Slowdown sharpens but growth will come back before the
end of 2009.
"The measures to stabilise the financial market, the easing of monetary policies and the economic recovery plans will enable us to put a floor under the deterioration of the economy this year and create the conditions for a gradual recovery in the second part of 2009. The top priority is to make those measures work effectively: to improve the flows of credit at reasonable prices and to implement the fiscal stimulus packages quickly to stimulate investment and private consumption. To boost confidence, it is also crucial that Member States explicitly commit that they will reverse the deterioration of public finances as soon as we return to normal economic times so as to ensure the medium-to-long term sustainability of public finances", said Joaquín Almunia, Economic and Monetary Affairs Commissioner.
>> Interim economic forecasts