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European Commission - Economic and Financial AffairsEuropean Commission - Economic and Financial Affairs
Brussels Economic Forum © European Union, 2010 Brussels Economic Forum 2010 debates EU’s economic challenges
- Olli Rehn – Healthy economic future is within our reach
- EU Task Force on economic governance agrees its priorities at inaugural meeting
- Commission sets out thinking on resolution-funds and bank levy
- Rehn joins G20 finance ministers for meeting in Korea on 4 and 5 June as summit preparations continue
- Winners of DG ECFIN photo competition receive awards in Brussels
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Brussels Economic Forum © European Union, 2010 Brussels Economic Forum 2010 debates EU’s economic challenges

The 11th edition of the Brussels Economic Forum was held on 25-26 May, bringing together EU officials, policy-makers, civil servants, business representatives, academics, economic experts and others to map out “Strategies for a post-crisis world”. The annual conference, seen as the European Union’s premier platform for debate on economic issues, drew a record number of participants. Well over a thousand people registered for the event, reflecting the strong level of interest in the topics on the agenda at this crucial time for the EU economy. Discussions this year notably covered issues related to coping with/exiting the crisis and building Europe’s economic future, tackling global warming and the role that green technologies could play in fostering economic growth.

Viewpoint
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The European Union and all Member States still have a long way ahead, but I am confident that all have the political will to do what needs to be done.

President of the European Council Herman Van Rompuy
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Commissioner Olli Rehn © European Union, 2010
Olli Rehn – Healthy economic future is within our reach

Moving beyond the immediate crisis fire-fighting, Europe needs to focus on laying the foundations for sustainable and smart economic growth. That was the message from Olli Rehn at the 2010 Brussels Economic Forum, where the Economic & Monetary Affairs Commissioner delivered both welcoming and closing keynote addresses. Fiscal consolidation was among the key policy challenges, the Commissioner made clear, along with structural measures to lift potential growth and the capacity to create jobs. Europe must also be ahead of the curve in striving for a green economic transformation. Backed up by stronger European economic policy coordination, a virtuous circle of a recovery of growth, sustainable public finances and high employment was within our reach, Rehn said.
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EU Task Force © European Union, 2010
EU Task Force on economic governance agrees its priorities at inaugural meeting

The new EU Task Force on economic governance, chaired by President of the European Council Herman Van Rompuy, met for the first time on 21 May. Four main objectives were agreed: achieving greater budgetary discipline, reducing competitiveness divergence between EU Member States, creating an effective crisis mechanism, and strengthening economic governance. The Task Force was established by the March 2010 European Council and is to present a final report later in the year. It consists of representatives of all 27 Member States - mostly ministers of finance - plus Economic & Monetary Affairs Commissioner Olli Rehn, President of the European Central Bank Jean-Claude Trichet and President of the Eurogroup Jean-Claude Juncker.
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Bank © iStockphoto.com
Commission sets out thinking on resolution-funds and bank levy

An EU network of ‘bank resolution’ funds should be created to ensure that future bank failures would not cost the taxpayer or destabilise the financial system, the European Commission said on 26 May. The funds would be financed by a bank levy. According to the “Communication on Bank Resolution Funds” presented by Internal Market & Services Commissioner Michel Barnier, the funds, established according to common rules, would not be used to bail out or rescue banks but to ensure that a bank's failure was managed in an orderly way and would not destabilise the financial system. The Commission also said it intended to lead G20 efforts to find a global approach on resolution funds based on the ideas put forward in the Communication.
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KwangAn bridge in South Korea © iStockphoto.com
Rehn joins G20 finance ministers for meeting in Korea on 4 and 5 June as summit preparations continue

G20 finance ministers and central bank governors are about to convene in Busan, South Korea, for a meeting that is expected to lay key groundwork for the upcoming G20 Summit. Economic & Monetary Affairs Commissioner Olli Rehn will be among the participants. The G20 Summit on 26-27 June in Toronto, Canada, is set to address various economic, financial and global challenges, with the G20 seen as having a central role to play in designing a comprehensive fiscal exit strategy to ensure sustained global economic recovery. The European Council is expected to finalise the EU’s position for Toronto at its meeting on 17 June. Main items on the agenda will be the global economic recovery, policy action tow strengthen global growth going forward and the possible introduction of a financial institutions levy.
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Winners of DG ECFIN photo competition © European Union, 2010
Winners of DG ECFIN photo competition receive awards in Brussels

At an award ceremony on the first morning of the Brussels Economic Forum, Commissioner Rehn announced the overall winner of the young persons’ photo competition “The euro: What does it mean to us?” organised by DG ECFIN. The Portuguese team ‘Os matadors’, from Aveiro, won with a photo entitled “I’m going....are you?”. Their picture is an appeal to countries to adopt the euro. It shows a young man crossing a bridge to an attractive, innovative land of opportunity, the euro area. The other finalists, in order of ranking, were Lithuania, Hungary, Germany, Poland, France, and the Czech Republic.
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Publications


 
The Economic Adjustment Programme for Greece
This report provides an overview of the challenges faced by Greece, discussions between a joint EC/IMF/ECB mission with the Greek authorities, and the objectives and design of the economic and financial programme. The joint mission visited Athens following a request for international financial assistance from Greece. Based on agreements for a joint euro area / IMF financing package of € 110 billion, euro area Member States on 18 May disbursed their first instalment to Greece, following an IMF disbursement.

Does capacity utilisation help estimating the TFP cycle, Economic Paper 410
Economic Sentiment Indicator, May 2010
Upcoming: The Chinese pension system: first results on assessing the reform, Economic Paper 412
Upcoming: What is the growth potential of green innovation? An assessment of EU climate policy options, Economic Paper 413
Upcoming: European Economy Research Letter
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Agenda Calls
7-8 June
Luxembourg
Eurogroup/ECOFIN Council
8 June
Luxembourg
EIB Annual Meeting
15 June
Public Finances Report
26-27 June
Toronto
G20 Summit
29 June
Brussels
ECFIN workshop “The UK economy, post-recession – same as it ever was?"
Call for papers (ECFIN/C/2010/015) Public debt and economic growth (closing date 25 June 2010)
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Directorate-General for Economic and Financial Affairs