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.
Mr Rehn welcomed the package of budgetary policy measures approved by the Spanish government today and to be adopted by parliament in January
The Commission's fundamental point of departure for last week's European Council was crystal clear: The European Union needed to give a comprehensive response to the current crisis, making a firm commitment to the Euro and to the irreversibility of our currency.
José Manuel Durão Barroso President of the European Commission A modernized partnership for a stronger and closer Union CCRE 2011-Governing in partnership Brussels, 12 December 2011
On 13th December 2011, the reinforced Stability and Growth Pact (SGP) enters into force with a new set of rules for economic and fiscal surveillance - the so-called "Six Pack". The measures form the most comprehensive reinforcement of economic governance in the EU and the euro area since the launch of the Economic Monetary Union almost 20 years ago. Video of the press conference by EbS / Presentation from the press conference
Mr Barroso noted that "work will now begin to rapidly flesh out the details of this new treaty. The Commission will be active to ensure swift preparation of a treaty that is fully compatible with EU law and also that preserves the role of the European institutions."
Mr Barroso said: "The Summit that we are going to start tonight in Brussels is indeed a crucial one. What I expect from all Heads of State and Government is they do not come saying what they can not do but what they will do for Europe. "
This paper reports on the joint fourth EU-IMF review of policy conditionality under the financial assistance programme to Ireland (updated programme documents are presented in an annex).
In the statement, Vice President Rehn welcomed the adoption by the Italian Government of a far-reaching package of fiscal measures and economic reforms and described it as a much needed signal of a new approach to economic policy-making in the country.
Today, only 4 months after Commission's proposal (IP/11/942), the European Parliament agreed to supplementary EU co-financing to countries facing particular difficulties in managing public debt/deficit and ensuring financial stability. The Commission proposal was part of the package adopted on 1 August to increase the EU co financing in cohesion, fisheries and rural development policies for countries that have received financial assistance under the balance of payments support mechanism (Romania, Latvia and Hungary) or under the European Financial Stability Facility (Greece, Ireland and Portugal). The agreement by the Council, which will complete the adoption process, is expected to take place soon.