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EU Response to the economic and financial crisis - July 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

Statement by President Barroso following his meeting with Mr Antonis Samaras, Prime Minister of Greece

27/07/2012

I have been unequivocal that the European Commission will stand by Greece. I am here as a friend of Greece. I have repeatedly stated that Greece can make it, together Greece and Europe will make it. Greece is part of the European family and the euro area and we intend to keep it that way.

 

Mission to Hungary starts the negotiations on financial assistance

27/07/2012

European Commission officials, International Monetary Fund staff and observers from the ECB, conducted a joint mission to Hungary from 17 to 25 July. It held a useful first exchange of views on recent developments and policy initiatives and on policies that the EU and the IMF could support under a possible precautionary programme, also with a view to Country Specific Recommendations issued under the European Semester in July.

 

Statement by the President of the Eurogroup on Moody's ratings

24/07/2012We take note of the rating decision of Moody's which confirms the very strong rating enjoyed by a number of euro area Member States, as supported by the sound fundamentals which these and other euro area countries continue to enjoy. Against this background, we reiterate our strong commitment to ensure the stability of the euro area as a whole.

 

 

Statement by the Eurogroup on financial assistance for the recapitalisation of financial institutions in Spain

20/07/2012

The Eurogroup agreed that the Fund for Orderly Bank Restructuring (F.R.O.B.), acting as agent of the Spanish government, will receive the funds and channel them to the financial institutions concerned. The Spanish government will retain full responsibility for the financial assistance.

 
Statement by Vice President Rehn on the Eurogroup's agreement on the sectoral programme for Spain

Statement by Vice President Rehn on the Eurogroup's agreement on the sectoral programme for Spain

20/07/2012

Today's unanimous endorsement by the Eurogroup of the sectoral programme for Spain opens the way to the necessary recapitalisation and repair of the country's financial sector. The aim of this programme is very clear: to provide Spain with healthy, effectively regulated and rigorously supervised banks, capable of nurturing sustainable economic growth.
>> Memorandum of Understanding on Financial-Sector Policy Conditionality

 
Vienna Initiative adopts mission statement, sets its objectives

Vienna Initiative adopts mission statement, sets its objectives

20/07/2012

Initiative sees renewed deleveraging in Q2; is set to discuss cross-border supervisory practices in September

 
Commission issues fourth review of economic adjustment programme for Portugal

Commission issues fourth review of economic adjustment programme for Portugal

16/07/2012

Staff from the European Commission, the ECB and the IMF met the Portuguese authorities in Lisbon between 22 May and 4 June. Their report found that:

  • Economic activity has proven to be more resilient than projected in the last review but unemployment has risen faster than expected and is now estimated to reach 15.4% on average in 2012; 
  • A general government deficit of 4.5% of GDP in 2012 remains within reach, but budgetary risks have increased;
  • Further progress has been made with reforms to raise the long-term growth potential of the economy, but more determination is needed to push through reforms in areas that touch on sensitive political and vested interests.
 
Statement by the EC, ECB, and IMF on the Review Mission to Ireland

Statement by the EC, ECB, and IMF on the Review Mission to Ireland

12/07/2012

Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) visited Dublin during 3-12 July for the seventh review of the government’s economic programme. Ireland’s policy implementation remains on track despite challenging macroeconomic conditions.

 

 

Spain is given an extra year to correct its deficit

10/07/2012

The Council today issued a revised recommendation on measures to be taken by Spain to correct its government deficit, giving it an extra year to do so on account of adverse economic circumstances.

 

Council issues country-specific recommendations

10/07/2012

The Council today issued recommendations to all 27 member states on the economic policies set out in their national reform programmes, and opinions on the fiscal policies presented in their stability and convergence programmes (11296/3/12 REV 3).

 

Eurogroup Statement on the follow-up of the 29 June Euro Summit

10/07/2012

The statement covers the use of the EFSF and ESM, and updates on the programme countries

 

European Parliament and Monetary Affairs Committee Economic - 9 and 10 June 2102

09/07/2012

The meeting includes:
Monetary dialogue with Mario Draghi, President of the ECB
Discussion with Michel Barnier, Commission for Internal Market and Services
Economic dialogue on Cyprus' Country Specific Recommendations, with Vassos Shiarly, Cypriot finance minister
Documents:
agenda  background documents  

 

Statement by President Barroso at the joint press conference with Demetris Christofias, President of Cyprus, on the visit of the College of Commissioners to Nicosia Press conference

09/07/2012

"I would like to begin by thanking President Christofias for the very warm welcome he and his government have extended to the Commission, only three days after the President and I met at the European Parliament in Strasbourg. We are all delighted, myself and my colleagues from the Commission, to be here in Cyprus enjoying the great Cypriot hospitality! I would like also to thank you for your extremely kind words. They are additional evidence of our friendship, something that I very much value."

 

Preparation of Eurogroup and Economic and Finance Ministers Council, Brussels, 9-10 July 2012

09/07/2012

The Eurogroup meeting will start on Monday, 9 July at 17.00. The European Commission will be represented by Olli Rehn, Vice-President and Commissioner for Economic and Monetary Affairs and the Euro. A press conference is expected to take place after the meeting.

 
President Barroso and Vice-President Rehn welcome the European Parliament's final vote on Project Bonds

President Barroso and Vice-President Rehn welcome the European Parliament's final vote on Project Bonds

05/07/2012

President Barroso and Vice-President Rehn have welcomed today's European Parliament vote on the European Commission proposal for a Project Bonds Initiative.

 

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