The main challenges
Europe, and
especially the euro area, faces a number of immediate challenges in
defining the policies needed to tackle the crisis.
A review is underway of instruments recently developed, such as
the European Financial Stability Facility (EFSF) and the European
Stability Mechanism (ESM), to assist euro area member states in
difficulty. A total of 750 billion euros is available,
including support from the International Monetary Fund (IMF).
As for Greece, it has put in place significant reforms. The
economic and financial situation in Greece will necessitate a
further adjustment programme, including additional financial
support.
The robustness of the banking sector, as a key component in
ensuring economic stability and the conditions for growth in the
euro area and the EU, is also being reviewed.
These challenges are interrelated and solutions must be
comprehensive to be effective. And with a view to the longer term,
some key reforms have been enacted.
The EU has revamped the structures used for market supervision, as
well as the processes used to ensure sustainable public finances
and to avoid economic imbalances in the member states. It is also
strengthening financial regulation.
Financial instruments
Adjustment programmes, euro area member states
Laws, rules and procedures
Balance of payments support, non euro area member states
More features
15/12/2011
Moving
towards fiscal union
At the European Council on 9 December, the 17 members of the
eurozone and several other EU countries agreed to work towards a
stronger economic union.
01/12/2011
Ask
me!
" I am ready to answer your questions about the Euro and the
Eurozone."
27/10/2011
Strengthened capacity to tackle to the
crisis
At the Euro Summit on 26 October 2011, Heads of State and
Government of the eurozone put in place a comprehensive strategy
aimed at ensuring fiscal consolidation, growth, support to
countries in difficulty, and a strengthening of eurozone
governance.