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.
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
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.
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.
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.
''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.''
''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.''
Joint statement by European Commission President Barroso and European Council President Van Rompuy after the G8 working session on the global economy
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.
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.
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."
Ceremony to award the Charlemagne Prize to Wolfgang Schäuble
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
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."
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.
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.
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."