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The financial and economic crisis - a chronological overview - February 2010

The economic crisis has prompted intense and sustained action by the EU's national governments, the European Central Bank and the Commission. All have been working closely together to support growth and employment, ensure financial stability, and put in place a better governance system for the future.

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26 February 2010
Launch of public consultation on Capital Requirements Directive

To ensure best financial soundness of banks and investment firms, this consultation examines the scope for further possible changes to the Capital Requirements Directive aimed at strengthening the resilience of the banking sector and the financial system as a whole.

>> Go to the consultation 
>> Press release IP/10/197 Financial crisis response: Commission asks stakeholders for views on further possible changes
Choose translations of the previous link 

25 February 2010
EU Interim economic forecast


In this update of GDP and inflation variables, the Commission expects that the EU economy is recovering, but still facing headwinds. The updated projections include France, Germany, Italy, the Netherlands, Poland, Spain and the United Kingdom, accounting for 80% of EU GDP.

>> Economy and Finance (ECFIN). EU interim forecast: Fragile recovery in progress

22 February 2010
Balance of payments (BoP) assistance for Romania

After he Romanian authorities signed the Supplemental Memorandum of Understanding on 18 February, Commissioner Olli Rehn Payment signed on 22 February 2010. The signature of the SMoU paves the way for the second disbursement of €1 billion by mid-March 2010.

>> Economy and Finance (ECFIN). Romania - Signature of Supplemental Memorandum of Understanding

Balance of payments (BoP) assistance for Latvia

Commissioner Olli Rehn and the Latvian authorities signed a second Supplemental Memorandum of Understanding (SMoU). It paves the way for the third disurbsement of 500 million EUR within the next weeks and spells out the conditions for subsequent BoP disbursements.

>> Economy and Finance (ECFIN). Romania - Signature of second Supplemental Memorandum of Understanding

15 - 16 February 2010
Eurogroup and ECOFIN ministers meetings

The Council accepted Greece's updated stability programme which sets 2012 as the date for reducing the deficit below 3%. The Council also called on Greece to ensure a budgetary adjustment of at least 4% GDP in 2010. It set numerical limits to Greece's government deficits and to annual changes in its consolidated gross debt in 2010, 2011 and 2012. The Council also called on Greece to implement specific budgetary consolidation measures, including those presented in its stability programme.

Greece was asked to present a report by 16 March 2010 setting out the timetable for implementing budgetary target measures for 2010, and another by 15 May outlining the policy measures needed to comply with the Council's decision. Quarterly reports should be submitted thereafter.

>> Economy and Finance. Eurogroup and ECOFIN ministers meetings of 15 and 16 February 2010

11 February 2010
EU Special summit on EU economic policy

The Council reiterated that all euro area members must conduct sound national policies based on the agreed rules as a shared responsibility for the euro area. The Council fully supported all additional Greek measures to ensure the ambitious targets of the 2010 stability programme, cut the budgetary deficit by 4% for 20110, and all further measures.

On 16 February, the Ecofin Council will adopt recommendations to Greece based on the Commission's proposal and the additional measures Greece announced. The Commission, in liaison with the ECB, will closely monitor the implementation of the recommendations. It will propose additional measures, drawing on the expertise of the IMF.
>> Statement by the Heads of State or Governmentpdf
>> The European Council 

4 February 2010
European Central Bank (ECB) reconfirms low interest rates

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 would remain unchanged at 1.00%, 1.75% and 0.25% respectively.

>> European Central Bank. Monetary policy decisions

3 February 2010
Commission recommendations for Greece

The European Commission today adopted a series of recommendations to ensure that the budget deficit of Greece is brought below 3% of GDP by 2012. These recommendations also ensure that the government timely implements a reform programme to restore the competitiveness of its economy and generally runs policies that take account of its long-term interest and the general interest of the euro area and of the European Union as a whole.

>> Economy and Finance. The EU Stability and Growth Pact and Greece



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