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Defending Greece and the eurozone


© Fotolia

11/05/2010

The heads of state and government of the euro area on 7 May finalised procedures to implement the 110 billion euros support package for Greece, drew the first conclusions of the crisis for the governance of the eurozone and discussed the regulation of financial markets.

"All heads of state and government are fully aware that we face a serious situation in the eurozone. It is about responsibility, it is about solidarity. We will face the situation together",said Herman Van Rompuy, President of the European Council, at the press conference following the meeting.

Greece has adopted an ambitious and realistic programme in order to address the severe fiscal imbalances and improve competitiveness. The reforms will provide a basis for stronger and more sustainable growth and job creation.

To respond to the financial crisis, the leaders of the 16 eurozone countries are committed to use the full range of means available to ensure the stability, unity and integrity of the euro area. The consolidation and sustainability of public finances is a priority. They will take the necessary measures to meet this objective and fully support the European Central Bank in its action to ensure the stability of the euro area. A European stabilisation mechanism will be discussed at an extraordinary Ecofin meeting on Sunday 9 May.

Furthermore, they are decided to strengthen the governance of the euro area. This should be done through enhanced economic surveillance and coordination in the eurozone, reinforced rules for surveillance of euro countries, including more effective sanctions, and a robust framework for crisis management.

Finally, they find it necessary to strengthen transparency, regulation and supervision of financial markets, in particular the role of rating agencies, and to fight against speculation. Work on how to deal with crisis management in the financial sector will be intensified, including a substantial contribution of the sector to the costs of crises. These issues will be taken up at the June the European Council.

 

More information:
Statement of the heads of state or government of the euro area
Webcast of press conference