European round-up
October 2009 | Issue 15
G20 becomes the premier international economic forum
Meeting in Pittsburgh on 24-25 September, world leaders designated the G20 as “the premier forum for our international economic co-operation.” They also agreed to avoid the premature withdrawal of stimulus measures yet plan their exit strategies. The G20 leaders endorsed proposals previously agreed by G20 Ministers of Finance in London on 4-5 September, which included a global framework for bank capital rules, under which banks will face higher capital requirements, and proposed guidelines on banker pay.
October 2009 | Issue 15
IMF and World Bank annual meetings look at the impact of the recession on developing economies
The Annual Meetings of the World Bank Group and the International Monetary Fund bring together central bankers, ministers of finance and development, private sector executives, and academics to discuss issues of global concern. This year’s meetings, held in Istanbul on 6-7 October, focused on how developing countries are coping with the the crisis, and discussed how to help countries hit hard by downturns in capital flows, trade and tourism. Climate change and governance reform were also at the top of the agenda.
October 2009 | Issue 15
Decision makers at Eurofi financial forum discuss future of finance
At the Eurofi financial forum, key decision makers from industry and government, including Commissioner Joaquín Almunia, Jacques de Larosière, Jean-Claude Trichet and many others, discussed initiatives for restoring confidence, preventing future crisis and improving the security and efficiency of financial services in Europe. The international symposium took place in Göteborg on 31 September-1 October ahead of the Eurogroup and the informal ECOFIN Council meetings. It was sponsored by DG ECFIN and organised in association with the Swedish EU Presidency.
October 2009 | Issue 15
Parliament gets new ECON committee members and a new crisis committee
Following the parliamentary elections in June, the EP’s standing committee on economic and monetary affairs (ECON), got a makeover with new members and a new chair: Mrs. Sharon Bowles (UK) of the ALDE (liberal) political group. In addition, a special committee on the crisis was given the go-ahead by Parliament at its 7-8 October mini-plenary. Chaired by Mr Wolf Klinz, a German MEP in the ALDE grouping, it is tasked with looking into the causes of the economic and financial crisis, and will be an important interlocutor for DG ECFIN.
October 2009 | Issue 15
Parliament’s ECON committee exchanges views with the Swedish Minister of Finance
On 2 September 2009, Swedish Minister of Finance Anders Borg presented the Swedish Presidency’s priorities in the area of Economic and Financial Affairs to the new ECON Committee. In the current economic and financial crisis, “defence line number one” is to improve the supervision of financial markets and to set up European infrastructure in this area, Borg said. He also stressed the need to ensure the long-term sustainability of public finances, and an active labour market policy. MEPs added that the Stability and Growth Pact should be implemented more strictly, prudently, and consistently, and that the EU should speak with one voice at the G20.
