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.
The Eurogroup called on the Greek authorities to solve the remaining issues so as to swiftly finalise
the negotiations with the Troika institutions. It expects to further discuss the Greek adjustment programme at its next regular
meeting on 12 November on the basis of the relevant programme documentation and seek to
conclude on the programme, subject to the completion of prior actions by the Greek authorities and
of national procedures in Member States, in line with the established practice.
A delegation of the European Commission, in liaison with the European Central Bank and the European Stability Mechanism, undertook from 15 to 26 October 2012 the first review mission of the financial-assistance programme for Spain. The International Monetary Fund also participated in the meetings as part of its independent monitoring. The mission held intensive and productive discussions with the Spanish authorities, covering the entire range of policies envisioned under the programme.
Commission Vice-President Rehn welcomed the report, saying: "This is another step towards the thorough repair and reform of the banking system in Spain, which is in turn an essential building block for a return of investor and consumer confidence." More...
Mr Rehn said: "Ireland has made great progress under the programme, after several years of painful adjustment by the Irish people. Many essential reforms have been implemented that can help the Irish economy to recover competitiveness, restore sustainability to public finances and lay the foundations for a return to job-rich growth. Despite this, unemployment remains unacceptably high, especially among the young, and tackling it remains a top priority."
The European Union (EU) today issued a €3 billion benchmark bond with 15 years maturity. From the proceeds €1 billion will be on-lent to Ireland and €2 billion to Portugal, as part of their financial assistance packages and following to the successful completion of the recent reviews: seventh review mission to Ireland and fifth review mission to Portugal. The transaction was carried out by the European Commission on behalf of the EU under the European Financial Stabilisation Mechanism (EFSM).
The new 15y transaction concludes the EU's EFSM funding activities in 2012, which raised €15.8 billion in six long-term benchmarks in support of Ireland and Portugal.
It is expected that fiscal targets for 2012 will be met.The authorities are ramping up reforms to restore the health of the Irish financial sector so that it can help support economic recovery. Intensified efforts are required to deal decisively with mortgage arrears and further reduce bank operating costs.
Commission Vice-President Rehn has made a statement endorsing the report, saying that "Ireland has made great progress under the programme, after several years of painful adjustment by the Irish people." more...
The Steering Committee of the Vienna 2 Initiative has submitted observations and proposals on cross-border supervisory practices to a number of European authorities. These focus on critical aspects of home-host cooperation, which are of particular importance for host countries in Central, Eastern, and Southeastern Europe where locally systemic affiliates of foreign banks operate.
Mr Van Rompuy said: "A court terme, à très court terme, la plus grande contribution à la croissance c'est de rétablir la confiance des consommateurs et des entreprises. Et rétablir la confiance de ces deux agents économiques passe par le rétablissement de la confiance dans l'avenir de la zone euro."
The authorities and staff teams agreed on most of the core measures needed to restore the momentum of reform and pave the way for the completion of the review. Discussions on remaining issues will continue from respective headquarters and through technical representatives in the field with a view to reaching full staff level agreement over the coming days. Furthermore, financing issues will be discussed between the official lenders and Greece.
One year ago, the Task Force for Greece (TFGR) started its operation of supporting the Greek administration in identifying and providing technical assistance (TA) for the country's reform process. On 12th October 2011, the TFGR's first high-level coordination meeting brought together around 100 representatives of the Greek administration, possible providers of TA and Commission services in Brussels, to coordinate the international support for structural reforms in Greece. Since then, the Task Force has developed a comprehensive technical assistance programme in ten policy domains with the support of these providers of technical assistance.
At the June European Council "the President of the European Council was invited to develop, in close collaboration with the President of the Commission, the President of the Eurogroup and the President of the ECB, a specific and time-bound road map for the achievement of a genuine Economic and Monetary Union". This interim report for the European Council builds largely on ideas and proposals that were expressed during a series of bilateral meetings in September with all EU Member States and with the European Parliament and its President. The aim of this report is to highlight points of convergence and to outline areas that would require further work for the final report due in December
Acknowledging the good track record in implementing policy conditionality and the fiscal impact of the faster than expected rebalancing of the Portuguese economy, the Eurogroup concurs with the agreement reached between the authorities and the Troika on revised fiscal targets, in conjunction with the proposed revised recommendation of the Council regarding the excessive deficit procedure.
The Decision amends Implementing Decision 2011/344/EU.
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.
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.