European Commission - Economic and Financial Affairs European Commission - Economic and Financial Affairs
Subscribe
Subscribe to ECFIN e-news
Keep up-to-date. Get breaking news and in-depth coverage of EU economic and financial news.
Shift button © Thinkstock.com Commission makes economic policy recommendations to EU countries under the European Semester
- Supplemental Memorandum of Understanding on EU financial assistance to Latvia signed
- Quarterly mission to Greece agrees comprehensive economic policy package
- G8 Summit – Leaders look to strengthen global economic recovery
- Euro coin competition – Voting is under way, have your say!
- Economic sentiment stable in the EU but moderately down in the euro area
Publications
Agenda
Calls
Top News
Shift button © Thinkstock.com Commission makes economic policy recommendations to EU countries under the European Semester

The European Commission issued, on 7 June, 27 sets of country-specific recommendations – plus one for the euro area as a whole – to help EU Member States gear up their economic and social policies to deliver on growth, jobs and sound public finances. The recommendations form part of the first European Semester, the new cycle under which Member States and the Commission coordinate economic and budgetary policies. They also call for progress towards the goals contained in the EU's long-term economic strategy, Europe 2020. Overall, the Commission found that Member States had sought to reflect the agreed EU priorities in their national policy programmes and that their macroeconomic assumptions were broadly realistic, but the programmes were often not sufficiently ambitious and specific, and further efforts were needed in some areas.

Viewpoint
"
We know that achieving the goals we have collectively set ourselves means sometimes hard choices. But these efforts, if made seriously and by all, will allow Europe to leave the crisis behind it and safeguard our future prosperity.

José Manuel Barroso, President of the European Commission
"
More
More news
Latvia flags © Thinkstock.com
Supplemental Memorandum of Understanding on EU financial assistance to Latvia signed

A new Supplemental Memorandum of Understanding related to the EU’s financial assistance to Latvia was signed on 7 June by Economic & Monetary Affairs Commissioner Olli Rehn and the Latvian authorities, after the European Commission gave a positive assessment of the Baltic state’s implementation of its economic adjustment programme. The step paves the way for the EU to disburse a further loan tranche of up to €100 million, which, however, the authorities have decided not to request at this stage, given that Latvia’s current financial position is better than originally expected. The unused funds could be transferred to the subsequent tranche, also worth €100 million, as the final instalment of the EU’s €3.1 billion balance-of-payments assistance.

More
Greek column © Thinkstock.com
Quarterly mission to Greece agrees comprehensive economic policy package

Staff teams from the European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF) concluded their fourth quarterly mission to Greece on 3 June, reaching staff-level agreement with the Greek authorities on a set of economic and financial policies needed to keep the country’s adjustment program on track. Discussions on the financing modalities for the program were expected to follow over the next few weeks. Economic & Monetary Affairs Commissioner Rehn signalled that the Commission and EU Member States were ready to reinforce their technical assistance in those economic areas where the authorities might feel the need, for instance on taxation and privatization. The final mission report will be issued in the coming days. So far, Greece has received €53 billion in loans under the EU/IMF support package worth €110 billion agreed in May 2010.
More
Flags of the 8 countries leaders of the G8 next to the logo of the G8 Summit in Deauville © European Union, 2011
G8 Summit – Leaders look to strengthen global economic recovery

The global economic recovery is gaining strength but risks remain, and internal and external imbalances are still a concern. That was the assessment of G8 leaders meeting on 26-27 May in Deauville. Their summit declaration also noted, among other points, that Europe for its part had adopted a broad package of measures to deal with the sovereign debt crisis faced by some euro-zone countries. Europe would “continue to address the situation with determination and to pursue rigorous fiscal consolidation alongside structural reforms to support growth”. In a separate joint statement on the summit, European Council President Van Rompuy and European Commission President Barroso said that there was “clear determination by all partners to address those issues in each region that could hamper the global recovery, which we all want to speed up”.
More
Euro coin competition © Tipik
Euro coin competition – Voting is under way, have your say!

Do you want to have a say in the design of a new euro coin? Are you a citizen of, or do you live in, a euro-area country? If so, you can take part in the web vote on the design of a coin commemorating a decade of euro cash. On 1 January 2012, it will be ten years since euro banknotes and coins were put into circulation. To mark the occasion, a commemorative 2-euro coin will be issued in all euro-area Member States at the same time and with the same design. As part of the competition being run to design the coin, you can vote until 24 June for one of five designs pre-selected by a professional jury from the nearly 1 000 entries submitted. The winning design will be announced on 30 June 2011. You can also enter a prize draw for a high-value collector's set of euro coins, to be awarded at random to a participant who voted for the winning design.

More
Industrial workers © Thinkstock.com G20 leaders in Seoul 2010 © G20 Seoul Summit - All rights reserved
Economic sentiment stable in the EU but moderately down in the euro area

The Economic Sentiment Indicator was broadly unchanged in May at 105.4 in the EU, while it decreased by 0.6 points to 105.5 in the euro area. In the EU as a whole, a worsening of sentiment in industry was offset by moderate gains in the other business sectors, and consumers' confidence improved markedly. The slight decline in sentiment in the euro area resulted from weakening confidence in all the business sectors, while sentiment improved among consumers.
More
Publications
Euro map © European Union, 2011

Updated poster map of the euro area
DG ECFIN recently published a new version of its “Euro map” poster, updated to include Estonia as the 17th euro-area country. The poster shows the main features of the euro area as a geographical and economic entity and provides an overview of its scope and development, both past and future. Available in a variety of languages, the poster can be ordered from DG ECFIN or downloaded as a PDF file, along with a range of other general-interest brochures, booklets and posters covering all aspects of Economic and Monetary Union and the euro.


Upcoming: Product market review
Upcoming: Labour market review 2010
Upcoming: Reforming the international monetary system: options and implications, Economic Paper
More
Agenda Calls
14-15 June
Luxembourg
Eurogroup/ECOFIN meetings
22-23 June
Brussels, Belgium
European Parliament Mini-plenary
23-24 June
Brussels, Belgium
European Council
11-12 July
Brussels, Belgium
Eurogroup/ECOFIN meetings
16-17 October
Wroclaw, Poland
Informal ECOFIN meeting
3-4 November
Brussels, Belgium
Eurogroup/ECOFIN meetings
17-18 November
Brussels, Belgium
European Council
21 November
Brussels, Belgium
DG ECFIN Annual Research Conference 2011 - New growth models for Europe
Internal Market. Public consultation "The EU corporate governance framework" (deadline 22 July)
More More
Beyond this newsletter
RSS Twitter Contact Subscribe Unsubscribe
Directorate-General for Economic and Financial Affairs