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.
"We welcome the budgetary agreement reached with broad consensus in The Netherlands. It sends a strong signal of commitment to keep Dutch public finances on a strong and sustainable footing with a view to securing the welfare of future generations.''
Opening speech at the European Business Summit by President of the European Council Herman Van Rompuy
The European Union (EU) issued a € 2.7 billion benchmark bond with 10 years maturity, seeing strong and widespread investor demand with books almost three times oversubscribed. The proceeds will be on-lent to Portugal, as part of its financial assistance package and in addition to a € 1.8 billion 26 year funding operation last week
"Our discussion this morning focused on the current economic situation in Europe and in the euro area in particular. We face significant challenges in terms of growth and high unemployment.''
The IMF's Mission Chief for Romania, Jeffrey Franks, and acting EC Mission Chief, Joost Kuhlmann, made a statement on programme progress in Romania
The joint report also said that ensuring recovery in Ireland’s highly open economy will require that these policy efforts continue, and that the external environment improves. The EC and IMF missions will seek approval for the completion of this review from the relevant EU bodies and the IMF Executive Board respectively.
The European Parliament has today approved the Commission’s proposal enabling the use of cohesion policy allocations still available to back-up guarantees and loans by financial institutions such as the European Investment Bank (EIB).
To allow the EIB to do more for growth and jobs, its capital needs to be addressed, i.e. its capital base needs to be increased. This must be done by its shareholders, the Member States.
Mr Barroso said that "our Europe 2020 strategy has a breadth of vision and a depth of substance which goes far beyond any one narrow perspective or single course of action. It also has the flexibility to adapt and to throw up new ideas and indeed be the basis for a new European initiative for growth."
Presenting the new package, László Andor, EU Commissioner for Employment, Social Affairs and Inclusion said: "current levels of unemployment in the EU are dramatic and unacceptable. Job creation must become a real European priority". See also:
Brussels, 18 April 2012 - After many months of crisis, the conditions now exist to start moving from crisis to growth in Greece. Agreement on the Second Economic Adjustment Programme and the success of the debt reduction agreement with the private sector mean that all efforts can now be concentrated on much needed growth and jobs.
The European Union (EU) today launched its third long-term bond in 2012, placing € 1.8 billion with a maturity of 26 years. The operation met with widespread investor demand. The proceeds will be on-lent to Portugal following a successful conclusion of the third programme review, as part the financial assistance package decided in May 2011. The transaction was carried out by the European Commission on behalf of the EU under the European Financial Stabilisation Mechanism (EFSM).
Agreement on the Second Programme and the recent reduction of Greek debt owed to private sector provide an opportunity to create a new dynamic to speed up the badly needed structural reforms.