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The financial and economic crisis - a chronological overview - November 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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18 November 2009
European Banking Coordination Initiative Meeting for Romania

In a meeting of the European Bank Coordination Initiative Group, held on 18 November 2009 in Brussels, the parent banks of the nine largest banks operating in Romania reaffirmed their commitment to maintain their exposure to the country and ensure adequate capital levels over 10 percent for their affiliates.
>> Joint statement by Commission and IMF after European Banking Coordination Initiative Meeting for Romania Choose translations of the previous link 


16 November 2009
Commission concludes third review of the EU balance-of-payments assistance for Hungary

The European Commission services have, in close cooperation with the International Monetary Fund staff, completed the third review under the EU balance of payments assistance concluding that Hungary has made good progress regarding its economic programme. Against the background of a markedly improved access to market finance and strongly reduced external financing needs, Hungary is not requesting the release of international assistance upon the completion of this review.
>> Commission concludes third review of the EU balance-of-payments assistance for Hungary Choose translations of the previous link 


9 Novemebr 2009
Eurogroup and ECOFIN ministers meetings of 9 and 10 November


Ministers will discuss the economic and financial situation.  Recent months have seen a marked improvement in the economic situation and financial conditions.
>> Economic and Financial Affairs. Eurogroup and ECOFIN ministers meetings of 9 and 10 November


5 November 2009
European Central Bank (ECB) reconfirms low interest rates


At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 1.00%, 1.75% and 0.25% respectively.
>> ECB. Monetary policy decision


3 November 2009
Autumn forecasts 2009 - 2011

The EU economy will emerge from recession in the second half of 2009. A relatively strong temporary pick-up is in the cards for the near term, with a more gradual recovery foreseen in 2010-2011.
>> Economic and Financial Affairs. Autumn forecast 2009-2011: EU economy on the road to a gradual recovery



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