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 EP plenary adopted its position on the EU economic governance package of proposals, insisting on a number of changes.
Finance ministers approved the Commission recommendations on Member States’ national reform programmes and opinion on the Member States’ updated Stability and Convergence Programmes. The integrated policy advice is set to be discussed by the European Council at their meeting of 23 - 24 June, thus concluding the first European Semester.
Following the Eurogroup meeting of 19 June, finance ministers also stated that the finalisation of the update of the Memorandum of Understanding between the troika and Greece, and the adoption of key laws on fiscal strategy and privatisation by the Greek parliament, would pave the way for the next disbursement of funds, expected by mid-July.
>> Statement by the Eurogroup of 20 June 2011 
>> Press release 11595/11 Council conclusions of 20 June 2011
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.
>> MEMO 11/372. Statement by the European Commission, the ECB and IMF on the Fourth Review Mission to Greece
>> Economic and Financial Affairs. The Greek loan facility
>> Economic and Financial Affairs. Economies of the Member States - Greece
"We strongly welcome today's approval by the Greek Parliament of the implementing legislation for the country's revised economic programme. This was the second, decisive step Greece needed to take in order to return to a sustainable path..."
Joint EU/IMF precautionary financial assistance requested to support the re-launch of the economic growth
"With today's approval by the Greek Parliament of the revised economic programme, the country has taken an important step forward along the necessary path of fiscal consolidation and growth-enhancing structural reform...."
This week Greece faces a critical juncture. Both the future of the country and financial stability in Europe are at stake. I fully respect the prerogatives and the sovereignty of the Greek Parliament in the ongoing debate. And I trust that the Greek political leaders are fully aware of the responsibility that lies on their shoulders to avoid default.
Heads of Mission of the European Commission, the International Monetary Fund and the European Central Bank (the Troika) and the Greek authorities have reached tonight a satisfactory agreement on a set of measures to close the fiscal gap for the years 2011-2014.
Fulfilment by Romania of the measures required for the disbursement of the fifth and final EU instalment
Tonight's vote in the Greek Parliament removes an element of uncertainty from an already very difficult situation. That is good news for Greece and for the European Union as a whole.
"This evening I had a useful meeting with the Greek Prime Minister George Papandreou.
I am confident that next Sunday, the Eurogroup will be able to decide on the disbursement of the fifth tranche of the loans for Greece in early July. And I trust that we will also be able to conclude the pending review, in agreement with the IMF.
A new Supplemental Memorandum of Understanding (the fourth SMoU) on EU financial assistance to Latvia has been signed by the Economic and Monetary Affairs Commissioner Olli Rehn and the Latvian authorities.
The European Commission has adopted 27 sets of country-specific recommendations – plus one for the euro area as a whole – to help Member States gear up their economic and social policies to deliver on growth, jobs and public finances.
Memo - EU Economic governance: a major step forward
Europe 2020 - 2011 Country-specific Recommendations