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EU Response to the economic and financial crisis - May 2012

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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Key events

Opening remarks by President Barroso on the next steps for stability, growth and jobs

30/05/2012

José Manuel Durão Barroso President of the European Commission Opening remarks by President Barroso on the next steps for stability, growth and jobs Press conference Brussels, 30 May 2012

 
Following in-depth reviews, Commission calls on Member States to tackle macroeconomic imbalances.

Following in-depth reviews, Commission calls on Member States to tackle macroeconomic imbalances.

30/05/2012

The In-depth reviews, which are part of the Macroeconomic Imbalance Procedure (MIP), cover twelve Member States. identified in the Alert Mechanism Report issued in February 2012. 

 
Commission adopts package of recommendations setting out the next steps to boost stability, growth and jobs

Commission adopts package of recommendations setting out the next steps to boost stability, growth and jobs

30/05/2012

The European Commission has adopted a package of recommendations for budgetary measures and economic reforms to enhance financial stability, boost growth and create employment. It has also adopted 2012 country-specific recommendations in the context of the European Semester, offering guidance on economic policy.

 
Excessive Deficit Procedure -  Commission recommends abrogation of EDP for Bulgaria and Germany, lifting of Cohesion Fund suspension for Hungary

Excessive Deficit Procedure - Commission recommends abrogation of EDP for Bulgaria and Germany, lifting of Cohesion Fund suspension for Hungary

30/05/2012

Following the validation of new figures by Eurostat and the Commission's spring forecast, the Commission has concluded that the correction of the excessive deficit for Germany and Bulgaria is ensured. The Commission has also concluded that Hungary has taken the necessary corrective action for the lifting of the suspension of its Cohesion Fund commitments.

 

European Commission Statement by President Barroso following the Informal European Council dinner, 23 May

24/05/2012In the speech, Mr Barroso said "The choice between stability and growth should not be seen exactly as a choice – we need both. There was a clear consensus around the table on this. We need both stability and growth and to achieve growth we need fiscal consolidation, we need structural reforms for competitiveness and we need targeted investment."

"On Greece, I have already outlined my position after the meeting today with the interim Prime Minister of Greece. The message that we sent today is clear: we will stand by Greece while Greece stands by its commitment. There is a democratic process taking place in Greece. Of course we respect this democratic process. Let's wait for the people of Greece to have their say on the 17th June and we will not let ourselves be derailed by those who want to promote speculative scenarios."



 

Remarks by President of the European Council Herman Van Rompuy following the informal dinner of the members of the European Council

24/05/2012My Van Rompuy said "there should be no misunderstanding: it is obvious that opposing "deficit reduction" and "growth" is a false debate. They are two sides of the same coin. Without sound public finances there can be no sustainable growth; but without sustainable growth, the measures to bring our debt levels under control will be done in vain."

 

Euro area press lines on Greece - Informal EC dinner, 23 May 2012

24/05/2012''We discussed the political and economic situation in Greece.
We want Greece to remain in the euro area while respecting its commitments.
We are fully aware of the significant efforts already made by the Greek citizens.'' 

Statement by President Barroso following his meeting with Mr Panagiotis Pikrammenos, interim Prime Minister of Greece

23/05/2012

''I have just met with the interim Prime Minister of Greece, Mr Panagiotis Pikrammenos. His government has a clearly defined yet vital role to play in the coming weeks.''

 

Statement by Vice-President Olli Rehn following the political agreement on the EU-EIB Project Bonds Initiative

23/05/2012

''I welcome the agreement today in the "trilogue" with the Parliament and Council on our proposal for the pilot phase of Project Bonds, which paves the way for the vote on 31 May. This is an important initiative that can contribute to strengthen our economy. Promoting public and private investment is indeed a cornerstone of our growth initiative.''

 
Speech by Vice-President Olli Rehn – "Europe's action plan for growth, employment and investment", European Parliament, 22 May 2012

Speech by Vice-President Olli Rehn – "Europe's action plan for growth, employment and investment", European Parliament, 22 May 2012

22/05/2012In the speech, Mr Rehn said " There is no silver bullet for economic growth. If there were, it would have already been fired. The build-up of debts, deficits and imbalances in our economies did not happen overnight, it happened over many years. And the readjustment we are now going through won't be concluded overnight. That is why it is so important to stay the course of sustainable.
 

Joint statement by European Commission President Barroso and European Council President Van Rompuy after the G8 working session on the global economy

22/05/2012

Joint statement by European Commission President Barroso and European Council President Van Rompuy after the G8 working session on the global economy

 
Speech by Vice-President Rehn in Oxford: Overcoming Europe's sovereign debt crisis – the road to stability and growth

Speech by Vice-President Rehn in Oxford: Overcoming Europe's sovereign debt crisis – the road to stability and growth

17/05/2012

Our latest European Economic Forecast shows the EU economy to be in a mild and short-lived recession. A slow and subdued recovery is forecast to begin from the second half of the year on, and continue over 2012-13. But this will only happen on the condition that confidence gradually returns and decisive policy action is taken.

 

Speech of President Barroso at the General assembly of the UN: State of the World Economy and Finance and its impact on development in 2012

17/05/2012

These last months I have frequently been speaking about the global economy. I have been doing so out of necessity but also out of choice, because I feel that these issues need to be discussed and debated at length.

 
Statement by President Barroso on the European economy and Greece

Statement by President Barroso on the European economy and Greece

16/05/2012

In the speech, which came at the end of a debate on the economic situation in Europe during the weekly meeting of the European Commission, Mr Barroso said that "We want to stand by Greece. We want to work together with Greece. Now it is of course up to the Greek people to say if they want to work also with the euro area Member states and with the European institutions."

 

Statement by Commissioner Lewandowski after today's debate in the Council on the EU's draft budget for 2013: "A promising start of the negotiations on the 2013 EU budget

16/05/2012

The Commissioner said that "this was only the first round within the Council but it makes me relatively optimistic for the eventual adoption of a 2013 EU budget with sufficient resources to meet the needs of all Member States and citizens as Europe is slowly working its way out of the current crisis

 
Remarks by European Commission Vice-President Rehn at the Eurogroup press conference

Remarks by European Commission Vice-President Rehn at the Eurogroup press conference

15/05/2012

Mr Rehn said that "the EU-IMF programme is a very substantial expression of solidarity and support for Greece by the other 16 euro area Member States. It is, in fact, a 'Solidarity Pact' between the other 16 euro area Member States and Greece; between the parliaments of the other 16 euro area Member States and the parliament of Greece. This is what Europe is about. But solidarity is a two-way street."

 

European Parliament Press Release - Bank capital rules: reform to boost risk resilience and lending to the real economy

15/05/2012

Bank capital requirements must be strengthened to make banks more risk-resilient and the risk weighting of loans to small firms must be reduced to facilitate lending to the real economy, said Economic and Monetary Affairs Committee MEPs in a vote on Monday. Bankers' bonuses must not exceed their fixed pay, they added.

 

European Parliament Press release - Fiscal Policy: Growth dimension and control of new Commission powers needed

15/05/2012

The European Commission should have more control over fiscal policy in EU Member States, but not the free rein it asked for, says the Economic and Monetary Affairs Committee in texts, voted on Monday, stating a position on the economic governance "two pack". This increased power must be democratically controlled and serve to spur economic growth, MEPs say.

 
Statement on Spanish banking reform by Commission Vice President Rehn

Statement on Spanish banking reform by Commission Vice President Rehn

13/05/2012

Mr Rehn welcomed the reform, saying " By deciding on these important measures for the banks, on top of those already announced in February, Spain is taking decisive action in addressing remaining vulnerabilities within the sector."

 

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