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.
In his statement on the present state of the negotiations for the joint
EU-IMF programme with Greece, Commissioner Rehn expressed his confidence that
the talks would be concluded in the next days. The multi-annual programme will
reverse the debt spiral of Greece and restore its overall economic
>> Statement by Commissioner Rehn on Greece
In his statement, President Barrosso emphasised the solid and rapid progress with the ECB, the IMF and the Greek authorities to finalise the Greek adjustment programme and the current activation procedures for the financial support by euro-area Member States.
He also reminded that the Commission had started actions for a regulatory
framework on credit-rating agencies and would continue to watch the behaviour
of the financial markets during this crisis.
>> MEMO/10/157. President Barroso. Statement by President Barroso on Greece
In preparing the summit of 26 - 27 June, G20 ministers discussed
country-specific exit strategies and financial market reform
>> G20. Communiqués
The three institutions take note of the Greek government request to activate the financial support mechanism as prepared on 25 March and 11 April 2010. >> Press release IP/10/446. Joint statement by European Commission, European Central Bank and Presidency of the Eurogroup on Greece
Ministers discussed the proposals to reinforce economic governance with the
understanding that it would not mean to affect the rights and duties of
national governments or parliaments. Commpissioner Rehn will present the final
proposal on 12 May.
Ministers also discussed the crisis prevention strategy studied by the
Commission and emphasised the need for proper timing of reform measures to
support economic recovery.
>> Spanish Presidency. The EU evaluates the possibility of supervising national budgets
>> Spanish Presidency. Spanish Minister of Economy, Mrs Salgado: The crisis prevention instruments studied by the EU are not an insurance policy permitting banks to take risks
>> Press release IP10/417. European Central Bank and European
joint conference on "financial integration and stability: the legacy of the
>> ECB The legacy of the crisis
>>Jean-Claude Trichet, President of the ECB. Introductory remarks at the conference on "Financial integration and stability: the legacy of the crisis"
Following the statement of the Spring European Council of 25 March, this agreement of the Eurogroup under their presidency of Jean-Claude Juncker makes the financial support mechanism for Greece fully operational. In the first year of this three-year programme, euro area countries are ready to provide on non-concessional rates bilateral loans of up to € 30 billion. The European Commission will pool the loans as part of a package including additional financing by the International Monetary Fund (IMF) and will set up a joint programme together with the European Central Bank, the IMF and the Greek authorities.
>> Commission President Barroso.
Statement of the European Commission on Greece
>> Eurpean Council. Statement on the support to Greece by euro area Member States
>> The Eurogroup
>> President of the European Council
>> Statement by President Van Rompuy on the Eurogroup Agreement on Greece
>> Statement by IMF Managing Director Dominique Strauss-Kahn on Greece
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.
>> ECB. Monetary policy decisions
In a staff working document, the Commission assesses main options for innovative financing related to the financial sector, climate change and development.