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.
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.
>> Economic and Financial Affairs. List of articles on BoP actions
18/19 June 2009
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
>> Economic and Financial Affairs. Financial operations and instruments
8/9 June 2009
Meetings of finance ministers - Eurogroup and ECOFIN
3 June 2009
Commission puts forwardkey priorities and actions to preserve jobs and help those facing difficulties while paving the way for recovery
>> Employment, Social Affairs and Equal Opportunities. Shared commitment for employment