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The financial and economic crisis - a chronological overview - June 2011

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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23 June 2011
European Parliamant (EP) votes on its position on EU economic governance package

The EP plenary adopted its position on the EU economic governance package of proposals, insisting on a number of changes. 

>> European Parliament. Economic governance package explained. Economic governance: Parliament seals its position ahead of European Council

20 June 2011
Eurogroup/ECOFIN meetings

Finance ministers approved the Commission recommendations on Member States’ national reform programmes and opinion on the Member States’ updated Stability and Convergence Programmes. The integrated policy advice is set to be discussed by the European Council at their meeting of 23 - 24 June, thus concluding the first European Semester.

Following the Eurogroup meeting of 19 June, finance ministers also stated that the finalisation of the update of the Memorandum of Understanding between the troika and Greece, and the adoption of key laws on fiscal strategy and privatisation by the Greek parliament, would pave the way for the next disbursement of funds, expected by mid-July.

>> Statement by the Eurogroup of 20 June 2011pdf
>> Press release 11595/11 Council conclusions of 20 June 2011pdf

3 June 2011
Statement by the European Commission, the ECB and IMF on the Fourth Review Mission to Greece

Staff teams from the European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF) concluded their fourth quarterly mission to Greece on 3 June, reaching staff-level agreement with the Greek authorities on a set of economic and financial policies needed to keep the country’s adjustment program on track. Discussions on the financing modalities for the program were expected to follow over the next few weeks. Economic & Monetary Affairs Commissioner Rehn signalled that the Commission and EU Member States were ready to reinforce their technical assistance in those economic areas where the authorities might feel the need, for instance on taxation and privatization. The final mission report will be issued in the coming days. So far, Greece has received €53 billion in loans under the EU/IMF support package worth €110 billion agreed in May 2010.

>> MEMO 11/372. Statement by the European Commission, the ECB and IMF on the Fourth Review Mission to Greece
>> Economic and Financial Affairs. The Greek loan facility
>> Economic and Financial Affairs. Economies of the Member States - Greece

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Key events

The European Commission and Romania sign Memorandum of Understanding (MoU) on EUR 1.4 billion pre-cautionary balance-of-payments assistance

The European Commission and Romania sign Memorandum of Understanding (MoU) on EUR 1.4 billion pre-cautionary balance-of-payments assistance

04/07/2011

Joint EU/IMF precautionary financial assistance requested to support the re-launch of the economic growth

 
Joint statement by President Barroso and President Van Rompuy following the vote in the Greek Parliament on the implementing measures for the revised economic programme

Joint statement by President Barroso and President Van Rompuy following the vote in the Greek Parliament on the implementing measures for the revised economic programme

30/06/2011

"We strongly welcome today's approval by the Greek Parliament of the implementing legislation for the country's revised economic programme. This was the second, decisive step Greece needed to take in order to return to a sustainable path..."

 
Joint statement by President Barroso and President Van Rompuy following the vote in the Greek Parliament on the revised economic programme

Joint statement by President Barroso and President Van Rompuy following the vote in the Greek Parliament on the revised economic programme

29/06/2011

"With today's approval by the Greek Parliament of the revised economic programme, the country has taken an important step forward along the necessary path of fiscal consolidation and growth-enhancing structural reform...."

 
Statement of Commissioner Olli Rehn on Greece

Statement of Commissioner Olli Rehn on Greece

28/06/2011

This week Greece faces a critical juncture. Both the future of the country and financial stability in Europe are at stake. I fully respect the prerogatives and the sovereignty of the Greek Parliament in the ongoing debate. And I trust that the Greek political leaders are fully aware of the responsibility that lies on their shoulders to avoid default.

 
Commission statement on the agreement between the Troika and Greek authorities on measures to close the fiscal gap for the years 2011-2014

Commission statement on the agreement between the Troika and Greek authorities on measures to close the fiscal gap for the years 2011-2014

24/06/2011

Heads of Mission of the European Commission, the International Monetary Fund and the European Central Bank (the Troika) and the Greek authorities have reached tonight a satisfactory agreement on a set of measures to close the fiscal gap for the years 2011-2014.

 
Statement by President Barroso following the confidence vote in the Parliament on the new Greek Government

Statement by President Barroso following the confidence vote in the Parliament on the new Greek Government

22/06/2011

Tonight's vote in the Greek Parliament removes an element of uncertainty from an already very difficult situation. That is good news for Greece and for the European Union as a whole.

 
Last tranche of €150 million disbursed to Romania under the 2009-2011 BoP support programme

Last tranche of €150 million disbursed to Romania under the 2009-2011 BoP support programme

22/06/2011

Fulfilment by Romania of the measures required for the disbursement of the fifth and final EU instalment

 
Statement by President Barroso following his meeting with the Greek Prime Minister Papandreou

Statement by President Barroso following his meeting with the Greek Prime Minister Papandreou

21/06/2011

"This evening I had a useful meeting with the Greek Prime Minister George Papandreou.

 
Statement by Commissioner Rehn on Greece

Statement by Commissioner Rehn on Greece

16/06/2011

I am confident that next Sunday, the Eurogroup will be able to decide on the disbursement of the fifth tranche of the loans for Greece in early July. And I trust that we will also be able to conclude the pending review, in agreement with the IMF.

 
Signature of the fourth Supplemental Memorandum of Understanding (SMoU) on EU financial assistance to Latvia

Signature of the fourth Supplemental Memorandum of Understanding (SMoU) on EU financial assistance to Latvia

08/06/2011

A new Supplemental Memorandum of Understanding (the fourth SMoU) on EU financial assistance to Latvia has been signed by the Economic and Monetary Affairs Commissioner Olli Rehn and the Latvian authorities.

 
Delivering on growth and jobs: Commission presents 2011 country-specific recommendations

Delivering on growth and jobs: Commission presents 2011 country-specific recommendations

07/06/2011

The European Commission has adopted 27 sets of country-specific recommendations – plus one for the euro area as a whole – to help Member States gear up their economic and social policies to deliver on growth, jobs and public finances.

Memo - 2011 Country-Specific Recommendations in the context of the European Semester: Frequently Asked Questions

Memo - EU Economic governance: a major step forward

Europe 2020 - 2011 Country-specific Recommendations

 

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