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EU Response to the economic and financial crisis - September 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

Commission Vice-President Rehn's Remarks at Joint Press Conference with Minister De Guindos

Commission Vice-President Rehn's Remarks at Joint Press Conference with Minister De Guindos

02/10/2012

The reason I am here today is to take stock with the Spanish authorities of the current economic situation and the work underway to lift Spain out of the current crisis. This work is underway on a number of fronts – financial sector reform and repair; fiscal consolidation to restore sustainability to public finances; and structural reforms to enhance growth and employment.

 

Commissioner Michel Barnier's reaction to the Basel Committee's preliminary "Regulatory Consistency Assessment"

02/10/2012

The European Commission and the European members of the Basel Committee have provided extensive information and clarifications to the Basel Committee during the process, but unfortunately this has only been partially reflected in this present preliminary report. Here at the Commission, we stand ready to support the further work by the Basel Committee to improve its assessment of standards implementation and are confident that the final report of the Basel Committee will constitute an improvement both in the assessment of the EU and in the coherence across jurisdictions.

 

Statement by the President of the Eurogroup Jean-Claude Juncker on the entry into force of the ESM Treaty

02/10/2012The ESM is now the cornerstone of the European firewall and an integral part of our comprehensive strategy to ensure financial stability in the euro area. This is an historical achievement for European integration and a pledge of stability and sustainability for future generations.

 

 

Commissioner Michel Barnier's reaction to the Basel Committee's preliminary "Regulatory Consistency Assessment"

01/10/2012

The Basel Committee on Banking Supervision has been carrying out a preliminary assessment of the consistency of the Council's general approach on the Capital Requirements Directive IV (CRDIV) with the so-called Basel III agreement on internationally agreed capital standards. The outcome of its work so far has been published today, along with reports on the regulatory consistency in the US and Japan. The Committee's work will continue with a final report on consistency being issued once CRD IV is adopted.

 

Statement by the President of the Eurogroup Jean-Claude Juncker on Spain

29/09/2012

According to Mr Juncker, the assessment shows that the total financial assistance agreed in July should be more than adequate to cover the final capital needs, including a comfortable safety margin. It should ensure that the recapitalisation process of banks can proceed efficiently and in accordance with previously agreed timelines.

 
European Commission statement on the publication of results of stress tests of Spanish banks

European Commission statement on the publication of results of stress tests of Spanish banks

29/09/2012

The European Commission welcomes today’s publication by the Spanish authorities of the results of the independent valuation of Spanish banks.  This is a major step in implementing the financial-assistance programme and towards strengthening the viability of and confidence in the Spanish banking sector.

 
Comments by Vice-President Rehn on the publication of the Spanish Structural Reform Plan

Comments by Vice-President Rehn on the publication of the Spanish Structural Reform Plan

28/09/2012

"The comprehensive reform plan announced today by the Spanish authorities is a major step to broaden and deepen structural reforms, building on important achievements made already. The reform plan includes concrete, ambitious and well-focused measures and establishes clear deadlines in many areas."

 

Commission publishes Summer 2012 Review of the Programme for Ireland

18/09/2012

A joint EC/IMF/ECB mission visited Dublin between 17-26 April 2012 to conduct the sixth review mission under the Economic Adjustment Programme. The mission found that programme implementation remains strong, tough important risks and challenges remain, mainly due to still fragile investor sentiment towards Ireland and continued uncertainties in the outlook for growth and debt sustainability in euro area member states.

 

Vice-President Rehn's remarks at Press Conference of the informal ECOFIN Council meeting

17/09/2012

Europe is undergoing a difficult but necessary adjustment of imbalances, both external and internal, which accumulated during the first decade of the euro until 2008 basically. This process will inevitably take time to complete. The rebalancing needs are considerable. But the good news is that the process is now well underway. You can see it when you look at the reduction in current account deficits and improvements in unit labour costs of several deficit countries in the European Union.

 

Eurogroup statement on Portugal

17/09/2012

The Eurogroup welcomes the conclusion of the Troika's fifth review mission that the adjustment programme for Portugal remains broadly on track. The Portuguese authorities continue showing their strong commitment to the programme.

 

Vice-President Rehn's remarks at the Eurogroup Press Conference

17/09/2012

Mr Rehn said "there is no silver bullet, no single issue that can solve this crisis. Instead, it needs consistent and determined action from both the individual member states and the euro area in its integrity to facilitate further rebalancing of the euro area economy."

 

Statement by the President of the Eurogroup on the decision of the German Federal Constitutional Court

12/09/2012

Taking full account of all elements of the ruling, I look forward to the completion of the outstanding procedures allowing for the Treaty Establishing the European Stability Mechanism to enter into force. I plan to convene the inaugural meeting of the ESM-Board of Governors in the margins of the Eurogroup meeting of 8 Octoberin Luxembourg.

 

Commission proposes new ECB powers for banking supervision as part of a banking union

12/09/2012

Today's proposals for a single supervisory mechanism (SSM) for banks in the euro area are an important step in strengthening the Economic and Monetary Union (EMU). In the new single mechanism, ultimate responsibility for specific supervisory tasks related to the financial stability of all Euro area banks will lie with the European Central Bank (ECB). National supervisors will continue to play an important role in day-to-day supervision and in preparing and implementing ECB decisions. The Commission is also proposing today that the European Banking Authority (EBA) develop a Single Supervisory Handbook to preserve the integrity of the single market and ensure coherence in banking supervision for all 27 EU countries.

 

Commission proposes a package for banking supervision in the Eurozone – frequently asked questions

12/09/2012

There are currently vulnerabilities in the banking sector which have a negative impact on the sovereign debt crisis. The negative feedback loops between individual Member State budgets and some of their banks are a threat to financial stability in the EU. This problem poses specific risks within the euro area where the single currency increases the likelihood of negative spill-over effects across borders. Furthermore, the trend of financial institutions to increasingly focus on their national home markets significantly undermines the single market for financial services which constitutes an important basis for economic growth. It also impairs the transmission of monetary policy impulses by the ECB into actual lending to the real economy.

 

Letter by President Barroso to the President of the European Parliament, Mr Martin Schulz

12/09/2012

In my State of the Union address today, I am setting out a clear political vision for the future of our Union. The challenges I outline call for vision, coherence and effectiveness on the part of the EU Institutions. Using its right of initiative, the Commission will bring forward proposals in the coming months designed to respond to the challenges identified in my speech. In keeping with the Framework Agreement between the European Parliament and the Commission and following on from the structured dialogue between members of the Commission and different parliamentary committees, in this letter I set out the main elements guiding the preparation of the Commission Work Programme for 2013 and beyond

 

José Manuel Durão Barroso President of the European Commission State of the Union 2012 Address

12/09/2012

On too many occasions, we have seen a vicious spiral. First, very important decisions for our future are taken at European summits. But then, the next day, we see some of those very same people who took those decisions undermining them. Saying that either they go too far, or that they don't go far enough. And then we get a problem of credibility. A problem of confidence.

 

Commission proposes new ECB powers for banking supervision as part of a banking union

12/09/2012

Today's proposals for a single supervisory mechanism (SSM) for banks in the euro area are an important step in strengthening the Economic and Monetary Union (EMU). In the new single mechanism, ultimate responsibility for specific supervisory tasks related to the financial stability of all Euro area banks will lie with the European Central Bank (ECB). National supervisors will continue to play an important role in day-to-day supervision and in preparing and implementing ECB decisions. The Commission is also proposing today that the European Banking Authority (EBA) develop a Single Supervisory Handbook to preserve the integrity of the single market and ensure coherence in banking supervision for all 27 EU countries.

 

Statement by Vice President Rehn following the conclusion of the fifth review mission to Portugal

12/09/2012

Portugal has today reached another important milestone on the road to a sustainable recovery in growth and employment. In a very challenging external environment, it has maintained its strong track record in implementing its economic adjustment programme. As a consequence, confidence in Portugal among its international partners and investors continues to grow

 

Press statement by Herman VAN ROMPUY President of the European Council after working luncheon with Italian Prime Minister Mario Monti

12/09/2012

Of course there are tensions and constraints, there is opposition and critique, there are caricatures and cartoons – I am very well aware of all those. And yet. And yet a gigantic collective effort is taking place, involving all euro countries, all EU institutions, all citizens, to muster the political will, the parliamentary majorities, the means and money, to help each other and to come out of this crisis together. It is de facto solidarity of an unprecedented magnitude.

 

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