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.
European Commission President Jose Manuel Barroso, has decided to reinforce the role of the Commissioner competent for economic and monetary affairs by elevating the post to that of Vice-President, and giving the post-holder additional working instruments.
I believe that now we have a very solid way forward.
Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) visited Dublin during October 11–20 for the regular quarterly review of the government’s economic programme. As envisaged when the mission was scheduled, policy discussions have been concluded with the exception of the specific fiscal measures to be included in Budget 2012, which are being determined by the Government and will be assessed by the three institutions in the coming weeks. Following these decisions, the EC and IMF missions will seek approval for the completion of this review from the European Council and the IMF Executive Board respectively.
Speech by President Barroso: "A Roadmap to Stability and Growth" European Parliament debate ahead of the European Council Brussels, 12 October 2011
In a major step to foster economic stability, restore confidence and prevent future crises in the euro area and the EU, the Council adopted a package of six new legislative acts. The package constitutes the single, most important overhaul of European economic governance since the launch of the European Monetary Union (EMU) over ten years ago.
Today, we have turned a page. The agreement in the ECOFIN Council marks the end of a year-long debate and the start of a new era of more robust economic governance in Europe.
The Eurogroup meeting will start on Monday 3 October at 17H. The European Commission will be represented by Economic and Monetary Affairs Commissioner Olli Rehn. A press conference is expected to take place after the meeting.
Connecting Europe Facility and the Project Bond Initiative are a perfect demonstration of the value added that Europe can provide.
"We want the Union to stay very strong," said President Barroso at the press conference following the European Council, while at the same time recognising that more needs to be done in terms of "coherence and integration in the governance of the euro area"
The package agreed tonight confirms that Europe will do what it takes to safeguard financial stability