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December 2011
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8 December
2011
At the first working session of the European Council of 8 and 9
December, an agreement was reached on short-term action to overcome
the debt crisis and on a new fiscal compact for the euro area.
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European Council - 8 -9 December 2011
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Press conference
(video) |
Arrivals
(photos) |
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October 2011
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26
October
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.
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Informal European Council and Eurozone Summit - 26 October 2011
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Press conference
(video) |
Meeting
(photos) |
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23
October
The euro area summit will finalise a comprehensive strategy
on
the Euro area sovereign debt crisis covering a number of
interrelated issues.
Further elements needed to be addressed: the situation in
Greece, bank recapitalisation, and the enhanced efficiency of
stabilisation tools (EFSF).
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September 2011
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The EU concludes negotiations on long term reforms based on
recommendations by the task force on economic governance, chaired
by European Council President Herman Van Rompuy.
The aim is to strengthen processes used to ensure sustainable
public finances in member states in general, and in the euro area
in particular. This will mitigate the need for financial
assistance in future and prevent the recurrence of market pressure
on sovereign debt in Europe.
The reform, which will enter into force towards the end of 2011,
amends the Stability and Growth Pact, which accompanied the
creation of the euro.
But the difficulties faced by some member states are also of an
economic nature, as divergencies in competitiveness exists across
the euro area and the EU as a whole. So the reform also strengthens
the processes used to avoid the accumulation of macroeconomic
imbalances.
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July 2011
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21
July
The euro area summit agrees on the outlines of a new assistance
programme for Greece. Despite rigorous reforms of its public
finances it has become clear that Greece would need further
assistance to ensure the sustainability of its debt.
Leaders also decide to reduce the interest rates, lengthen the
maturities and increase the flexibility of the EFSF financial
assistance, the main instrument currently used. It will thus be
possible for the EFSF to provide precautionary credit lines to
member states, to finance the recapitalisation of banks through
loans to governments, and to buy government bonds on secondary
markets. These decisions apply equally to the ESM.
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Meeting of Eurozone Heads of State or Government - 21 July 2011
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Press conference
(video) |
Meeting
(photos) |
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11
July
Euro area member states sign the Treaty for the new, permanent
international financial institution, the
European Stability Mechanism (ESM). It will roll the
EFSM and the
EFSF into one single instrument when it comes into force in
2013.
Signature of the Treaty establishing the ESM - 11 July 2010
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Signing ceremony, part 1
(video) |
Signing ceremony, part 2
(video) |
Signing ceremony
(photos) |
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April 2011
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Ministers decide to provide
assistance to
Portugal through the EFSF and the EFSM.
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Informal meeting of the euro area Finance Ministers - 8 April 2010
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Press conference
(video) |
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November 2010
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Ministers decide to provide
assistance to
Ireland through the EFSF and the EFSM.
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Extraordinary ECOFIN Council and Eurogroup - 28 November 2010
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Departure and doorstep
(video) |
EcoFin
(photos) |
Eurogroup
(photos) |
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May 2010
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Euro area member states decide to support Greece through a
mechanism providing bilateral loans in conjunction with the IMF, amounting to € 110 billion. Together
with the IMF the euro area makes the first disbursement through the
Greek Loan Facility.
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9
May
In a joint effort the EU 27 and the euro area decide to create a
500 billion euro package of measures to preserve financial
stability in Europe.
Two new, temporary funds are created:
- the
European Financial Stabilisation Mechanism (EFSM), an EU27
instrument, and
- the
European Financial Stability Facility (EFSF), the instrument of
the euro area.
Extraordinary Economic and Financial Affairs Council - 9 May
2010
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Press conference
(video) |
Arrivals
(photos) |
Roundtable
(photos) |
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7
May
Emergency euro-area summit.
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February 2010
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Greece faces increased market pressure on its sovereign
debt.
Informal meeting of Heads of State or Government - 11 February
2010
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Press conference
(video) |
Meeting
(photos) |
In the margin of
the Meeting (photos) |
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2010
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The beginning
of the EU sovereign debt crisis - the EU must create the
instruments to tackle it.
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October 2008
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The eurogroup successfully heads off a financial meltdown - at
the first-ever euro-area summit it is agreed that governments will
buy into banks if required in order to boost their finances.
The EU then strengthens financial regulations in response to the
deficiencies exposed by the crisis. It is done in line with
the priorities set at the G-20 London summit in April 2009.
It also initiates an ambitious reform of structures used for the
supervision of the financial industry. In June 2009, the European
Council decides to create a European Systemic Risk Board to monitor
potential threats to stability and three European Supervisory Authorities, covering
banking, insurance and securities markets. That reform is now in
force.
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September 2008
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Lehman Brothers files for bankruptcy; things take a turn for the
worse. In just seven days world stock prices shed more than 20% of
their value.
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2008
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The global
financial crisis expands
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August 2007
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The origin of
the global financial crisis
"The credit crunch" - the conditions required to obtain loans
from banks are tightened spurred by difficulties on the United
States sub-prime mortgage loan market. Around the world,
sub-prime mortgage backed securities are found in portfolios of
banks and hedge funds.
A French investment bank suspends three of its subprime mortgage
debt funds, the first of many credit-loss and write-down
announcements by banks and institutional investors.
The European Central Bank (ECB) rapidly provides
more than 200 billion euro to boost liquidity and inter-bank
lending. The EU and its international partners launch a
review of risk management in financial markets, setting a timetable
for measures to be taken.
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