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The financial and economic crisis - a chronological overview - June 2009

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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24 June 2009
Excessive deficit procedures (EDP) and assessments of Stability and Convergence programmes

The Commission concludes that Lithuania, Malta, Poland and Romania are running excessive deficits and recommends to the Council to make recommendations to bring these situations to an end. Due to the exceptional situation of Hungary, the Commission recommends to the Council to adopt a new EDP deadline for deficit correction. The proposed deadlines are 2010 for Malta, 2011 for Hungary, Lithuania and Romania, and 2012 for Poland.

The budgetary positions in Austria, Belgium, Romania, Slovenia and Slovakia are estimated to deteriorate markedly. The Commission has adopted recommendations for Council opinions on the five programmes.

The ECOFIN Council is expected to discuss the recommendations at the upcoming July meeting.  Member States concerned with an EDP will then have six months to indicate actions to progressively reduce their deficits.
>> Commission takes EDP steps for five countries and assesses remaining Stability and Convergence Programmes

23 June 2009
Commission 2009 Report on Public Finances

The report finds that the fiscal stimulus was needed to support the economy, but the overall success depends on a credible exit strategy.
As the European economy suffers its worst post-war recession, the European Recovery Plan provides needed fiscal support to ailing economies. But rising public debts and the contingent liabilities incurred by governments to support the financial sector, together with the prospected increases in age-related expenditure and slowdown in potential growth raise concerns about public finance sustainability.

An exit strategy strengthening fiscal policy frameworks, reforming age-related spending and spelling out the broad consolidation measures envisaged when the recovery has taken hold is required to address these concerns and underpin consumer, business and financial market confidence.
>> Commission publishes the 2009 report on Public Finances in EMU

Balance of Payments (BoP) - Romania

Commissioner Almunia and the Romania sign a Memorandum of Understanding (MoU) on €5 billion balance-of-payments loan. The MoU sets the terms for the release of the EU financial assistance, starting with a first instalment of €1.5 billion expected next month.
>> Commission and Romania sign a Memorandum of Understanding (MoU) on €5 billion
>> Economic and Financial Affairs. Balance of Payments (BoP)
>> Economic and Financial Affairs. List of articles on BoP actions

18/19 June 2009
European Council

>> Presidency conclusions

18 June 2009
Joint statement by the Presidency of the ECOFIN Council and the Commission on the fiscal package adopted by the Latvian Parliament

The Presidency and the Commission welcome the new fiscal package for 2009 and 2010 adopted by the Latvian Parliament today, which is a courageous and ambitious step forward to address fiscal imbalances.
>> Joint statement Choose translations of the previous link 
>> Economic and Financial Affairs. Financial operations and instruments

8/9 June 2009
Meetings of finance ministers - Eurogroup and ECOFIN

3 June 2009
Commission puts forward
key priorities and actions to preserve jobs and help those facing difficulties while paving the way for recovery

As follow-up to the EU Employment Summit of May 7, in the communication "A Shared Commitment for Employment" (COMM(2009)257 final) the Commission focuses on three key priorities to:

  • maintain employment, create jobs and promote mobility;
  • upgrade skills and match labour market needs;
  • increase access to employment.
These priorities should be seen as complementary to other actions being taken by the Commission to face the crisis, including the proposals on financial supervision of 27 May and the proposal to make the European Globalisation Fund work better in times of crisis.
The proposals will be presented to EU leaders for their agreement at the European Council on 18-19 June.

>> Employment, Social Affairs and Equal Opportunities. Shared commitment for employment

Key events

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