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The financial and economic crisis - a chronological overview - October 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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30 October 2009
Commission proposes €500 million macro-financial assistance to Ukraine


The European Commission has proposed to the Council to provide macro-financial assistance to Ukraine, in the form of a loan of up to €500 million. The assistance would support implementation of the adjustment programme agreed by the Ukrainian government with the International Monetary Fund to help the country through the global crisis..
>> Economic and Financial Affairs. Commission proposes €500 million macro-financial assistance to Ukraine Choose translations of the previous link 


30 October 2009
Commission proposes €100 million macro-financial assistance to Bosnia and Herzegovina


The European Commission today proposed to the Council to provide macro-financial assistance to Bosnia and Herzegovina, in the form of a loan of up to €100 million. The assistance would complement the adjustment programme agreed by the Bosnian authorities with the International Monetary Fund to weather the impact of the economic crisis on the country.
>> Economic and Financial Affairs. Commission proposes €100 million macro-financial assistance Bosnia and Herzegovina Choose translations of the previous link 


25 October 2009
The Lisbon Monitoring Platform of the Committee of the Regions online survey on "The European Economic Recovery Plan in Regions and Cities: One Year On".

The aim of the survey is

  • to assess the impact of the economic and financial crisis at local/regional level,
  • to provide an initial evaluation by local and regional authorities of actions taken on the ground under the European Economic Recovery Plan (EERP),
  • to stimulate a debate on past, ongoing and future anti-crisis measures and the involvement of local and regional authorities.


The results will be presented early next year at the 2010 Territorial Dialogue, where your administration will have the opportunity to discuss them with top representatives of the European Commission, the EU Presidency, the European Parliament and the European Economic and Social Committee. Details on the event will follow in the coming weeks.
All EU regions and cities are invited to participate in this by 30 November 2009.
>> Online survey. The European Economic Recovery Plan in Regions and Cities: One Year On


20 October 2009
Communication on cross-border crisis management in banking sector

Communication COM(2009)561 on an EU framework for cross-border crisis management in the banking sector opens a three-month consultation with stakeholders on a broad range of issues aimed at safeguarding financial stability and the continuity of banking services in a cross border banking crisis. Consultation will be followed by a public hearing in February 2010 to present the results and set out the Commission’s intentions.

The Communication sets out questions on the tools the Commission considers necessary for an EU crisis management framework. These tools range from “early intervention” action by banking supervisors aimed at correcting irregularities at banks, to bank resolution measures which involve the reorganisation of ailing banks, to insolvency frameworks under which failed banks are wound up.
>> Internal market. Press release IP09/1549. Commission consults on the measures necessary for a new EU framework for Crisis Management in the Banking Sector Choose translations of the previous link 


19 - 20 October 2009
Meetings of finance ministers - Eurogroup and ECOFIN

The Council adopted conclusions on a coordinated fiscal exit strategy across countries in compliance with the Stability and Growth Pact. Dependent on further economic recovery forecasts, 2011 would be the latest start date for fiscal consolidation requiring efforts above 0.5% of GDP for most countries.

The Council also reached broad agreement to create a European Systemic Risk Board (23 September 2009) as part of the reform of the EU financial services supervisory framework and referred this issue to the European Council.

On the anti-fraud agreement with Liechtenstein and the negotiating mandate for the Commission, the Council broadly agreed on their substance and will come back to the issue in December.
>> Economic and Financial Affairs. Eurogroup and ECOFIN ministers meetings


16 October 2009
Commission proposes macro-financial assistance to Armenia and Georgia

The European Commission proposed to the Council to provide macro-financial assistance (MFA) to Armenia and Georgia in the form of loan and grants to help the countries in their economic recovery.
>> Economic and Financial Affairs. Commission proposes macro-financial assistance to Armenia and Georgia


14 October 2009
Commission Communication and report on sustainability of public finances

Communication COM(2009) 545 provides a timely input at a stage where, in line with the European Council position ‘fiscal policies must progressively be reoriented towards sustainability’ and ‘exit strategies need to be designed now and implemented in a coordinated manner as soon as the recovery takes hold, taking into account the specific situation of individual countries’.
>> Economic and Financial Affairs. Sustainability of public finances


8 October 2009
Commission proposes €200 million macro-financial assistance to Serbia


The European Commission today proposed to the Council to provide macro-financial assistance to Serbia, in the form of a loan of up to €200 million.
>> Economic and Financial Affairs. Commission proposes €200 million macro-financial assistance to Serbia


7 October 2009
Commission presents excessive deficit reports for nine countries

Today the European Commission adopted reports under the corrective arm of the Stability and Growth Pact for Austria, Belgium, the Czech Republic, Germany, Italy, Slovakia, Slovenia, the Netherlands and Portugal.
>> Economic and Financial Affairs - Commission presents excessive deficit reports for nine countries

Annual statement on the euro area

The report finds that although signs of economic stabilisation are emerging, the strength and resilience of the recovery has yet to be fully tested. But it is clear that the euro efficiently shielded the euro area from the exchange rate and interest rate turbulences that had proved damaging for Member States in episodes of financial market stress in the past.
>> Economic and Financial Affairs. 2009 Annual statement on the euro area


1 - 2 October 2009
Informal meetings of finance ministers - Eurogroup and ECOFIN


>> Economic and Financial Affairs - Eurogroup and ECOFIN ministers meetings of 1 and 2 October



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