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The financial and economic crisis - a chronological overview - April 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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29 April 2010
Statement by Commissioner Rehn on Greece

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 competitiveness.
>> Statement by Commissioner Rehn on Greece

28 April 2010
Statement by President Barroso 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 Choose translations of the previous link 

24 - 25 April 2010
IMF Spring and G7/20 finance ministers meetings

In preparing the summit of 26 - 27 June, G20 ministers discussed country-specific exit strategies and financial market reform issues. 
>> G20. Communiqués

23 April 2010
Joint statement by European Commission, European Central Bank and Eurogroup on Greece

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 Choose translations of the previous link 

16 -17 April 2010
Informal Eurogroup and ECOFIN meetings

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

15 April 2010
Speech of Commissioner Rehn at the European Policy Centre

>> Reinforcing economic governance in Europe Choose translations of the previous link 

12 April 2010
ECB and EU Commission joint conference on financial integration and stability: The legacy of the crisis

>> Press release IP10/417. European Central Bank and European Commission hold joint conference on "financial integration and stability: the legacy of the crisis" Choose translations of the previous link 
>> 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"

11 April 2010
Eurogroup statement on the support to Greece

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
Choose translations of the previous link >> 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 Greecepdf
>> Statement by IMF Managing Director Dominique Strauss-Kahn on Greece

8 April 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.
>> ECB. Monetary policy decisions

6 April 2010
Commission assessment of innovative financing

In a staff working document, the Commission assesses main options for innovative financing related to the financial sector, climate change and development.

>> Economic and Financial Affairs (ECFIN). Innovative financing at a global level
 



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