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Highlights
The financial crisis – Europe’s response

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Highlights

The financial crisis – Europe’s response

The global economy is facing a financial crisis involving banking systems, stock markets and the flow of credit. Seeking common strategies to solve the difficulties, European institutions are coordinating national responses and making recommendations to improve the financial system.

European leaders have defined a common approach for restoring confidence in the financial industry and preserving economic growth. Reform must be “all-encompassing” and should include more international supervision to ensure transparency and accountability.

Background information

Report of the Task force to the European Council (21/10/2010)
Progress on the implementation of the European Economic Recovery Plan (18/02/2010)
Communication from the Commission: Driving the European recovery (04/03/2009)
Communication from the Commission - A European economic recovery plan (26/11/2008)
Communication from the Commission - From financial crisis to recovery: a European framework for action (29/10/2008)

Statistics and graphs

Crisis and economic governance - European Parliament Eurobarometer summary
Background on the Euro Plus Pact - Information prepared for the European Council, 9.12.2011
Tacking stock of the Euro Plus Pact - Presentation of President J.M. Barroso to the European Council, 9.12.2011
Financial turmoil and statistics
National accounts (including GDP)
Exchange rates
Harmonized Indices of Consumer Prices (HICP)
Balance of payments
Europeans and the crisis
Europeans' Perceptions on the State of the Economy
Economic governance in the European Union
Europeans' evaluation of the economic situation and main concerns
Development Aid in times of economic turmoil
European employment and social policy

Latest press releases

21/05/2012 - Credit rating agencies: General approach agreed ahead of talks with EP
19/05/2012 - Joint statement by European Council President Van Rompuy and European Commission President Barroso after the G8 working session on the global economy
16/05/2012 - State aid: Commission temporarily approves aid for the resolution of Greek T Bank
15/05/2012 - Conclusions of the 1367th Economic and Financial Affairs meeting
14/05/2012 - Euro area: fiscal consolidation and growth-oriented policies are not in contradiction
11/05/2012 - Spring forecast 2012-13: towards a slow recovery
09/05/2012 - Statement from EFSF regarding next disbursement to Greece
03/05/2012 - Conclusions of the 3163rd Economic and Financial Affairs meeting
26/04/2012 - Statement by the European Commission, the ECB and the IMF on the review mission to Ireland
26/04/2012 - Post-crisis policy measures in the financial sector give way to longer-term growth goals Commission report finds
26/04/2012 - Setback for financial integration in 2011
25/04/2012 - Draghi quizzed on ECB liquidity programme and economic growth
25/04/2012 - Introductory statement by Mario Draghi, President of the ECB at the Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
25/04/2012 - Commission decides to enter into negotiations on precautionary financial assistance with Hungary
26/03/2012 - State aid: overview of decisions and on-going in-depth investigations in the context of the financial crisis
19/03/2012 - Green Paper on Shadow Banking – Frequently asked questions
19/03/2012 - Taking action on shadow banking: avoiding new sources of risk in the financial sector
15/03/2012 - Supporting growth and jobs in Greece - Task Force for Greece second quarterly report
15/03/2012 - Q&A on the Task Force for Greece and its second quarterly report
13/03/2012 - Greece: Decision paves way for next disbursement
13/03/2012 - Hungary: EUR 495.2 million in cohesion fund commitments suspended
13/03/2012 - Economic and Financial Affairs Council Conclusions
12/03/2012 - Eurogroup approves second package for Greece
09/03/2012 - Statement by the Eurogroup President, Jean-Claude Juncker, on the significant progress achieved in the preparation of the second Greek adjustment programme.
08/03/2012 - Eligibility of bonds issued or guaranteed by the Greek government in Eurosystem credit operations
07/03/2012 - Commission acts to increase the safety and efficiency of securities settlement in Europe
07/03/2012 - Commission proposal on improving securities settlement in the EU and on Central Securities Depositaries – Frequently Asked Questions
06/03/2012 - Commission adopts Recommendation asking Hungary to take steps to correct deficit
02/03/2012 - Fiscal compact signed: Strengthened fiscal discipline and convergence in the euro area
02/03/2012 - Statement Euro area Heads of State or Government
02/03/2012 - European Council - 1-2 March 2012 - Conclusions
01/03/2012 - Ireland: European Commission gives green light for €5.8 billion payment following successful completion of fifth review of financial assistance programme
01/03/2012 - Eurogroup takes note of progress by Greece
28/02/2012 - Eligibility of Greek bonds used as collateral in Eurosystem monetary policy operations
28/02/2012 - Statement by the EC, ECB, and IMF on the Third Review Mission to Portugal
28/02/2012 - February 2012: Economic sentiment increases in both the EU and the euro area
28/02/2012 - February 2012: Business Climate Indicator increased marginally in February
27/02/2012 - EU issues € 3 billion 20 year bond for Ireland
23/02/2012 - Interim forecast: euro area in mild recession with signs of stabilisation
22/02/2012 - State aid: Commission approves support measures for Hungarian bank FHB
21/02/2012 - Council agrees on second economic governance package
21/02/2012 - EuroPlus Pact – the way forward - Conclusions of member states participating in the Euro Plus Pact
21/02/2012 - Conclusions of 3148th ECONOMIC and FINANCIAL AFFAIRS Council meeting
21/02/2012 - February 2012: Flash Consumer Confidence Indicator
20/02/2012 - Agreement on a new programme to secure Greece's future in the eurozone
17/02/2012 - State aid: Commission approves guarantee scheme on liabilities for merging banks in Denmark
15/02/2012 - Beyond the cuts: MEPs debate growth for Greece and wider EU
15/02/2012 - Eurobonds and shorter-term solutions needed for Eurozone stability
14/02/2012 - First Alert Mechanism Report on macroeconomic imbalances in Member States
14/02/2012 - Commission's first Alert Mechanism Report: tackling macroeconomic imbalances in the EU
06/02/2012 - State aid: Overview of pending decisions and on-going in-depth investigations in the context of the financial crisis
06/02/2012 - Statement by the WB, EC and IMF on the Review of Romania’s Economic Program
02/02/2012 - An improved treaty but more needed on growth
02/02/2012 - European Stability Mechanism treaty signed
30/01/2012 - Statement of the members of the European Council on growth and jobs
30/01/2012 - January 2012: Business climate indicator improves in the euro area
30/01/2012 - January 2012: Economic sentiment increases in both the EU and the euro area
30/01/2012 - Agreed lines of communication by euro area Member States
27/01/2012 - Cohesion Payments Increase as Member States Tap EU Funding for Growth
23/09/2011 - FAQ on the economic governance "six pack"
22/09/2011 - September 2011: Flash Consumer Confidence Indicator
22/09/2011 - Strong demand for EU € 4 billion 15y bond in support of Ireland and Portugal
22/09/2011 - EU Economic governance "Six Pack" - State of Play
16/09/2011 - Presidency Statement on the agreement on the 6 pack
04/08/2011 - Letter from President Barroso to the Heads of State and Government of the Euro area
03/08/2011 - Sovereign bond markets: Statement by President Barroso on the euro area sovereign bond markets
26/07/2011 - Statement by Commissioner Rehn on Euro Area Summit
26/07/2011 - Statement by the Heads of State or Government of the euro area and EU institutions
26/07/2011 - Statement by President Barroso following the meeting of the Heads of State or Government of the Euro area
26/07/2011 - Remarks by President Van Rompuy at the press conference following the Eurozone Summit
26/07/2011 - Commission wants stronger and more responsible banks in Europe
26/07/2011 - July 2011: Flash Consumer Confidence Indicator
26/07/2011 - €4.3m from European Globalisation Fund set to help 778 former car workers in Germany
26/07/2011 - State aid: Overview of decisions and on-going in-depth investigations in the context of the financial crisis (situation as of 14 July 2011)
26/07/2011 - Statement by Commissioners Barnier and Rehn following the publication by the European Banking Authority of the 2011 stress test results
11/03/2011 - MEPs call for the introduction of a tax on financial transactions
11/03/2011 - Europe's social dialogue vital to overcoming crisis says new report
27/01/2011 - January 2011: Business Climate Indicator further improves in the euro area
27/01/2011 - January 2011: Economic sentiment broadly unchanged in both the EU and the euro area
27/01/2011 - Economic governance - not just repairs, but a thorough overhaul
27/01/2011 - January 2011: Flash Consumer Confidence Indicator
27/01/2011 - No strong Europe without stable euro
06/01/2011 - December 2010: Economic Sentiment maintains its upward trend
23/12/2010 - State aid: Commission temporarily clears support for Anglo Irish Bank, Irish Nationwide Building Society and Allied Irish Bank
23/12/2010 - State aid: Commission clears temporary extension of export-credit insurance measures in Denmark, Finland, Germany and in Hungary
23/12/2010 - EU and EFSF funding plans to provide financial assistance for Ireland
23/12/2010 - State aid: Commission authorises prolongation of Hungarian real economy scheme; first following extension of crisis package
23/12/2010 - European Council Conclusions
10/12/2010 - State aid: Overview of national measures adopted as a response to the financial/economic crisis
10/12/2010 - Council approves aid to Ireland, sets out conditions
10/12/2010 - Main results of the Economic and Financial Affairs Council
10/12/2010 - Strengthening sanctions for violations of EU financial services rules: the way forward
10/12/2010 - Joint UN climate summit statement by Joke Schauvliege and Connie Hedegaard
03/12/2010 - Statement by EU Commissioner for Economic and Monetary Affairs Olli REHN on the approval of 2011 Budget by the Portuguese Parliament
03/12/2010 - Statement by the Eurogroup
03/12/2010 - Statement by the Eurogroup and ECOFIN Ministers
03/12/2010 - Autumn forecast 2010-2012: EU recovery taking hold, but progress uneven
03/12/2010 - November 2010: Business Climate Indicator improves slightly in the euro area
03/12/2010 - Fix the economic governance package, Trichet tells MEPs
03/12/2010 - European Stability Mechanism (ESM) – Q&A
03/12/2010 - State aid: Scoreboard shows continued trend towards less and better targeted aid despite crisis-related spike
03/12/2010 - State aid: Commission prolongs crisis framework with stricter conditions
26/11/2010 - Statement by EU Commissioner for Economic and Monetary Affairs Olli REHN on the Irish 4-year recovery plan
25/11/2010 - Statement by the EC, ECB, and IMF on the Second Review Mission to Greece
25/11/2010 - ECB Governing Council welcomes the request of the Irish Government for financial assistance
25/11/2010 - New financial market supervision system signed into law
12/11/2010 - Commission welcomes the renewed commitment by Irish authorities to put public finances on a sustainable path
12/11/2010 - €382,200 job search funding from EU Globalisation Fund for former workers from Spanish car sector
12/11/2010 - €114,250 form EU Globalisation Fund to help 189 former workers in Polish shipbuilding sector
12/11/2010 - Financial services: The European Commission consults on further policy in the field of credit rating agencies
12/11/2010 - Parliament ushers in new EU rules for hedge funds and private equity
05/11/2010 - Press remarks by Herman VAN ROMPUY, President of the European Council, following the first session of the European Council
05/11/2010 - Joint letter of President Van Rompuy and President Barroso on the G20 Summit in Seoul
05/11/2010 - European Council – 28-29 October 2010 - Conclusions
05/11/2010 - European Commission Staff Statement after a joint mission with the IMF and the World Bank to Romania
29/10/2010 - Parliament braces itself for economic governance debate
29/10/2010 - Parliament sees its priorities through on hedge funds directive

Press contacts

European Parliament

Committee on Economic and Monetary Affairs Press officer
John SCHRANZ
Tel: +32 (0)2 28 44264 / +33 (0)3881 74076
GSM: +32 (0)498 98 14 02
E-mail

Council of the European Union

François HEAD
Economic and Financial Affairs
Tel: +32 (0)2 281 60 83
GSM: +32 (0)475 95 38 07
Fax: +32 (0)2 281 80 26
E-mail

European Commission
Economic and monetary affairs
Commissioner Olli Rehn

Spokesperson
Amadeu ALTAFAJ TARDIO
Tel: +32 (0)2 295 26 58
GSM: +32 (0)498 95 26 58
Fax: +32 (0)2 295 14 13
E-mail

Press Officer
Pia SEPPÄLÄ
BERL 3/292
Tel: +32 (0)2 299 24 88
GSM: +32 (0)498 99 24 88
Fax: +32 (0)2 295 14 13
E-mail

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Last update: 22/05/2012
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