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.
Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (31/1/2012)
"The Treaty is all about more responsibility and better surveillance. Every country that signs it commits to bringing in a "debt brake" or "golden rule" into its own legislation, and will do so at constitutional or equivalent level. New voting rules and an automatic correction mechanism will enforce compliance more effectively...The treaty will enter into force once 12 euro countries have ratified it."
Background information and agenda for the meeting, which will include discussions on the implementation of the stability and growth pact, the Commission's two proposals on economic governance, and the state of play in Greece.
The teams’ assessment was that the programme is on track, although challenges remain and continued steadfast policy implementation will be vital
Remarks at the European Parliament plenary debate on the start of the Danish Presidency.
The European Commission has today started legal action against Hungary over new legislation that came into force at the beginning of the year under Hungary's new constitution. See also:
Public sector officials from the European Bank Coordination "Vienna" Initiative met in Vienna to enhance the co-ordination of national policies that could impact Europe's emerging economies
Mr Rehn regretted the decision by the ratings agency, describing its decsions as inconsistent at a time when "the euro area has taken decisive action in all fronts of its crisis response...more"
The report concludes that although Belgium, Cyprus, Malta and Poland have taken effective action to correct their deficits, Hungary has not.
Mr Rehn stressed that stability Bonds can provide substantial benefits, even for countries with currently high credit ratings, although serious economic, legal, and technical challenges remain.
The operation was carried out by the European Commission on behalf of the EU under the European Financial Stabilisation Mechanism (EFSM).