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European Commission - Economic and Financial AffairsEuropean Commission - Economic and Financial Affairs
Enhanced economic policy coordination © iStock.com Rehn proposes toolbox for stronger EU economic governance
- G20 summit aims for strong, sustainable and balanced global growth
- New website on inflation is launched
- DG ECFIN seminar on the UK economy
- Euro Taxi videos interview economists on the crisis
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Enhanced economic policy coordination © iStock.com Rehn proposes toolbox for stronger EU economic governance

On 30 June Commissioner Olli Rehn put forward plans to flesh out the principles on enhancing economic policy coordination agreed in the European Commission’s Communication of 12 May and taking into account the European Council orientations of 17 June. The Communication, entitled "enhancing economic policy coordination for stability, growth and jobs – tools for stronger EU economic governance", details the new surveillance cycle planned under the "European Semester"; an increased focus on debt and sustainability in the Stability and Growth Pact; an effective enforcement of budgetary surveillance through a broader and more up-stream use of incentives; an obligation on Member States to put in place sound national fiscal frameworks; and a framework for the surveillance and correction of macroeconomic imbalances.

By using these tools, we can close the gaps in our economic governance system which were so dramatically exposed by the crisis. We can create one single and integrated surveillance system for fiscal, economic and structural performance by launching the European economic semester next January.

European Commissioner for Economic and Monetary Affairs Olli Rehn
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Toronto city skyline © Gheorghe Roman - Fotolia.com
G20 summit aims for strong, sustainable and balanced global growth

G20 leaders showed resolve at their 26-27 June summit in Toronto to create strong, sustainable and balanced global growth, with widespread convergence around Europe's approach, reported Commission President Barroso and EU Council President Van Rompuy in a joint post-summit statement. Barroso and Van Rompuy said they welcomed the fact that partners had agreed to make the financial sector participate in the costs of repair, resolution and prevention and that partners had recognised the bank levy as a useful instrument. The Summit saw agreement on a detailed declaration notably covering the framework for strong, sustainable and balanced growth; financial sector reform; international financial institutions and development; and fighting protectionism and promoting trade and investment.
New website on inflation © European Commission
New website on inflation is launched

Inflation perceptions influence consumers’ economic decision-making. Yet consumers’ inflation perceptions are not always in line with actual inflation. DG ECFIN continuously monitors the relationships between inflation perceptions, inflation expectations and actual inflation, and has launched a website to inform the general public about inflation and explain why consumer prices change as they do. The new area within the DG ECFIN website is highly interactive and includes links to the European Central Bank, Eurostat and national statistical offices, as well as a glossary. The site is available in 21 EU languages.
Telephone Box © Istockphoto.com
DG ECFIN seminar on the UK economy

The DG ECFIN seminar “The UK economy, post-recession – same as it ever was?” took place on 29 June in the Berlaymont building in Brussels, bringing together leading academics, analysts and policymakers to discuss the performance of the UK economy during the decade up to and including the economic and financial crisis. The gathering drew various conclusions about short-term recovery prospects and the longer-term UK economic outlook.
Euro taxi © European Commission
Euro Taxi videos interview economists on the crisis

Today DG ECFIN launched the first in a planned series of Euro Taxi video clips in which key economic players and passers-by are interviewed on economic subjects including the financial crisis and the Brussels Economic Forum. Euro taxi is a European TV show and network which gathers individuals' opinions using a very simple tool: a moving studio, a taxi. ECFIN's aim is to use the videos to both inform and entertain and to encourage European citizens to get involved in the debate on financial and economic issues. The short version here includes interviews only with economic stakeholders; a longer version including interviews with the public will become available shortly and will be broadcast on TV in various European countries.

The Euro - The First Decade
This book, published in April 2010 by Cambridge University Press, comes recommended as the first to provide a comprehensive economic analysis of the first decade of the euro, representing an invaluable reference for scholars and policy-makers who want to know more about the successes and failures of the single currency and the challenges that lie ahead. Written by leading academic and professional economists, the book was edited by Marco Buti, Servaas Deroose and João Nogueira Martins of DG ECFIN, and Vítor Gaspar, until recently head of the the European Commission's Bureau of European Policy Advisers.

The changing pattern of international trade and capital flows of the Gulf Cooperation Council countries in comparison with other oil-exporting countries, Economic Paper 415
2010 Economic and fiscal programmes of potential candidate countries: EU Commission's assessments, Occasional Paper 63
Upcoming: Proliferation of risk and policy responses in the EU financial markets, Economic Paper 416
Agenda Calls
3-7 July
DG ECFIN Seminar, EXPO 2010
12-13 July
Eurogroup/ECOFIN Council
22-23 November
DG ECFIN 7th Annual Research Conference 2010
Invitation to tender ECFIN/C/2010/010 - Study on "Housing markets and intra-euro area macroeconomic imbalances: Identifying policy instruments" (deadline for submission: 5 July 2010)
RELEX call for proposals "Getting to Know Europe: Local and Regional Communities and the European Union" (application deadline: 13 September 2010)
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Directorate-General for Economic and Financial Affairs