Navigation path

EU Response to the economic and financial crisis - June 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.

Previous pageNext page

Key events

Remarks by President Herman Van Rompuy following the European Council

29/06/2012

"In the current situation, establishing a longer-term perspective for the euro area is a pressing priority. Indeed, as has been pointed out: if we want investors to buy ten-year bonds, understandably they would like to know where the Eurozone stands in ten years time."

 

Statement by President Barroso at the press conference following the European Council of 28-29 June 2012

29/06/2012

"I know that many people were sceptical about the prospects for this summit. And I hope that they were pleasantly surprised when they heard the news this morning. Because this European Council and Euro area summit have delivered what our citizens, our international partners and investors have been asking for. It has delivered a robust set of answers which should significantly strengthen confidence in Europe's financial stability."

 

Conclusions of the European Council (28/29 June 2012).

29/06/2012

The conclusions reaffirm the European Union's commitment to preserve EMU and put it on a more solid basis for the future, saying that "Strong, smart, sustainable and inclusive growth, based on sound public finances, structural reforms and investment to boost competitiveness, remains our key priority."

 

June European Council 28/29 June 2012 - presentation by President Barroso to the European Council

29/06/2012

"I think it is important to highlight this vision and to define in clear terms the commitment to our common currency, to the irreversibility of the euro, in following discussions tonight and tomorrow," concluded President Barroso.

 
Statement by President Barroso at the end of the euro area Summit

Statement by President Barroso at the end of the euro area Summit

29/06/2012

Mr Barroso said that "I think these are quite ambitious decisions and that shows once again the commitment of the Member States, namely those in the euro area, to the irreversibility of the euro and I think this will be recognized by all."

 

EU places € 2.3 billion long 15-year bond in support of Ireland

27/06/2012

The European Union (EU) today placed a €2.3 billion benchmark bond with April 2028 maturity, seeing strong investor demand. The proceeds will be on-lent to Ireland as part the financial assistance package decided in December 2010 and following a successful completion of the sixth programme review (see MEMO/12/283 and MEX/12/0626). The operation was carried out by the European Commission on behalf of the EU under the European Financial Stabilisation Mechanism (EFSM).

 

Statement by the President of the Eurogroup

25/06/2012

''As already stated after last week’s Eurogroup meeting, we expect to give a mandate to the Commission, in liaison with the ECB and the EBA, to negotiate the necessary policy conditionality for the financial sector, including restructuring plans in accordance with EU state aid rules, which shall accompany the financial assistance. The IMF will provide technical assistance and regular monitoring.

 

European Commission memo on Fiscal Union

25/06/2012

The memo covers Commission thinking on the European Semester, the "six-pack", the "two-pack", the Fiscal Treaty, Stability Bonds, and the possible way forward.

 
Statement by Vice-President Olli Rehn on the request by Spain for financial assistance for recapitalisation of financial institutions

Statement by Vice-President Olli Rehn on the request by Spain for financial assistance for recapitalisation of financial institutions

25/06/2012''I welcome the formal request of the Spanish authorities to the Eurogroup for financial assistance for recapitalisation of financial institutions. Following this request, I have instructed our staff to step up their work to provide a clear assessment of the sector and its needs, as well as a proposal for the necessary policy conditionality that shall accompany the assistance, in liaison with the staff of the ECB, EBA and the IMF.''
 

Eurogroup Statement on Greece

25/06/2012The Eurogroup acknowledges the considerable efforts already made by the Greek citizens and is convinced that continued fiscal and structural reforms are Greece’s best guarantee to overcome the current economic and social challenges and for a more prosperous future of Greece in the euro area.
 

Statement by Presidents Barroso and Van Rompuy on the result of the Greek elections

25/06/2012''The Greek people have spoken. We fully respect their democratic choice. We are hopeful that the election results will allow a government to be formed quickly.''

 

G20 summit: Statement by President Barroso after the G20 discussions on the global economy and the European debt crisis

25/06/2012

''Firstly, G20 leaders, after very good, frank and open discussion, will recognise the extremely important efforts that Europe has been making to deal with the financial crisis. It was very good to understand the questions and to work cooperatively for the solution of this global financial crisis including the European part of it.''

 

Statement by President Barroso and President Van Rompuy on the results of the G20 summit in Los Cabos

25/06/2012At this summit, G20 leaders showed strong resolve to promote growth and jobs and the EU made an important contribution, setting out its sustained, comprehensive crisis response and policy action.
 

Statement by President Barroso on the formation of the new Greek Government

25/06/2012

"I warmly welcome today's announcement of the formation of a new government in Greece. I am particularly reassured that the new administration will count on ample and broad-based parliamentary support. I believe that this sends a clear signal of Greece's determination to honour its commitments and stay in the euro.''

 

Joint letter from Commission President Barroso and EIB President Hoyer to the Members of the European Council - Reinforcing the capital base of the EIB to support jobs and growth

25/06/2012

"At its meeting of 30 January 2012, the European Council requested the European Commission and the European Investment Bank (EIB) to consider possible options to enhance EIB action to support growth and to make appropriate recommendations, including possibilities for the EU budget to leverage EIB financing capacity.''

 

Council closes excessive deficit procedures for Germany and Bulgaria

25/06/2012

The Council today adopted decisions closing excessive deficit procedures for Germany and Bulgaria, thus confirming that they have reduced their deficits below 3% of GDP, the EU's reference value for government deficits.

 
 Council approves Country-specific and Eurozone recommendations on economic and fiscal policies

Council approves Country-specific and Eurozone recommendations on economic and fiscal policies

25/06/2012

The Council approved today, under this year's European Semester, draft recommendations to all 27 member states on the economic policies set out in their national reform programmes, as well as draft opinions on each member state's fiscal policies, as presented in their stability and convergence programmes.

 
Commission publishes Spring 2012 Review of Economic Adjustment Programme for Ireland

Commission publishes Spring 2012 Review of Economic Adjustment Programme for Ireland

25/06/2012

This report provides a summary of the main findings of the mission, including an assessment of compliance with the programme conditionality, and an overview of challenges faced by Ireland in the period ahead. This document contains in annex the updated programme documents. The overall positive assessment of compliance paves the way for the release of €2.3 billion from the EFSM, €1.4 billion from the IMF and around €0.5 billion from a bilateral loan from the UK.

 

Additional tools

  • Print version 
  • Decrease text 
  • Increase text