The Treaty of Lisbon, which entered into force on 1 December 2009, made the European Council (EUCO) an official institution of the European Union. It consists of the head of state or government of each member state of the EU, as well as without a vote, the president of the European Commission (José Manuel Barroso) and the EUCO president elected for two and a half years by the 27 national leaders (Herman Van Rompuy).
The first two years of the European Council have coincided with the profound financial and economic crises in the eurozone and the European Union generally, leading to repeated summits of varying kinds.
For the second time, president Van Rompuy has put a summary of his thoughts on record in an annual publication, now:
The European Council in 2011 (January 2012; 74 pages)
This is not a novelty, because the English and a few other versions were published in January.
There are, however, a few reasons for me to mention – even to recommend – the publication now.
I have now read the overview presented by Van Rompuy. His ”official” account of history in the making is an important source, regardless of how readers feel about the subject and the success this far.
The publication has now become available in 22 EU languages. (You can either toggle the language switch for the language of your choice, or proceed to the page for Council publications.)
The third reason is that you are able to find the official EUCO conclusions and the extraordinary summit statements neatly in one place for future reference.
The introduction and the conclusions are available in the same manner for the previous year, in:
The European Council in 2010 (January 2010; 45 pages; also available in 22 languages)
Ralf Grahn
speaker on EU affairs, especially digital policy and law
P.S. 1: For better or for worse, between the global issues and the national level, the European Union shapes our digital future and online freedoms. More than 900 euroblogs are aggregated by multilingual Bloggingportal.eu. Is your blog already listed among them? Are you following the debates which matter for your future?
P.S. 2: A few moments ago, the petition launched by @Avaaz for the European Parliament (and the national parliaments) to reject #ACTA had already been signed by 2,377,656 netizens, but more are welcome until the official funeral of the anti-piracy treaty.
Showing posts with label summit. Show all posts
Showing posts with label summit. Show all posts
Sunday, 19 February 2012
Thursday, 1 December 2011
EU: Ecofin followed up G20 Cannes summit
When I waded through the documents published by the G20 summit in Cannes 3 to 4 November 2011, I wondered if the Ecofin Council of the EU would find anything intelligent to say, something to highlight for posterity.
Now we have the Ecofin conclusions:
3129th Council meeting Economic and Financial Affairs; Brussels, 30 November 2011 (provisional version, 17683/11; 26 pages)
We are able to see that Ecofin bravely resisted any temptation to offer unmerited attention to any detail at the expense of the whole (page 7):
Ralf Grahn
Now we have the Ecofin conclusions:
3129th Council meeting Economic and Financial Affairs; Brussels, 30 November 2011 (provisional version, 17683/11; 26 pages)
We are able to see that Ecofin bravely resisted any temptation to offer unmerited attention to any detail at the expense of the whole (page 7):
FOLLOW-UP TO THE G-20 SUMMITWe leave the sherpas to prepare the next G20 summit in Los Cabos, Mexico, in June 2012, and we look forward to the next Ecofin follow-up.
The Council took stock of the outcome of the G-20 summit held in Cannes on 3 and 4 November, on the basis of a debriefing by the Commission and by the French delegation (in its capacity as G-20 presidency).
The G-20 summit covered:
• coordination of economic policies;
• the G-20 framework for growth;
• reform of financial regulation;
• reform of the international monetary system;
• commodity price volatility;
• other issues, such as food security, global governance, development cooperation, trade, corruption, employment and energy
Ralf Grahn
Tuesday, 5 May 2009
European Union: Eastern Partnership launch
The Commission has just published an overview of the Eastern Partnership of the European Union: Eastern Parnership (Brussels 5 May 2009, MEMO/09/217), meant to forge ties between the 27 EU member states and Armenia, Azerbaijan, Belarus, Georgia, Republic of Moldova and Ukraine.
The Eastern Partnership can be seen as a relaunch of the European Neighbourhood Policy (ENP), and the press release describes its main points.
***
Summit
The Commission’s press release Eastern Partnership Summit to strengthen EU links with Eastern Europe and South Caucasus (Brussels, 5 May 2009, IP/09/700) offers information about the 7 May summit in Prague, where the new cooperation framework is launched, covering political and economic relations, energy security and, mobility, as well as pro-democratic and market oriented reforms.
***
Further information
Further information and documents, are available on the web pages Eastern Partnership of the Commission’s Directorate-General External Relations.
***
Outside views
Ahto Lobjakas has written a short evaluation for Radio Free Europe / Radio Liberty: EU’s Eastern Partnership Strains To Juggle Interests, Values (29 April 2009).
Tomas Valasek of the Centre for European Reform wrote another outside assessment in his blog post Economic crisis and the ‘eastern partnership’ (10 March 2009).
Ralf Grahn
The Eastern Partnership can be seen as a relaunch of the European Neighbourhood Policy (ENP), and the press release describes its main points.
***
Summit
The Commission’s press release Eastern Partnership Summit to strengthen EU links with Eastern Europe and South Caucasus (Brussels, 5 May 2009, IP/09/700) offers information about the 7 May summit in Prague, where the new cooperation framework is launched, covering political and economic relations, energy security and, mobility, as well as pro-democratic and market oriented reforms.
***
Further information
Further information and documents, are available on the web pages Eastern Partnership of the Commission’s Directorate-General External Relations.
***
Outside views
Ahto Lobjakas has written a short evaluation for Radio Free Europe / Radio Liberty: EU’s Eastern Partnership Strains To Juggle Interests, Values (29 April 2009).
Tomas Valasek of the Centre for European Reform wrote another outside assessment in his blog post Economic crisis and the ‘eastern partnership’ (10 March 2009).
Ralf Grahn
Monday, 13 April 2009
Europe’s road to oblivion
The BBC’s Mark Mardell wrote an interesting post on his Euroblog on 9 April 2009 A battle with Eurobabble.
During the USA – EU summit president Barack Obama represented the United States, but nobody represented Europe. Instead a number of national prime ministers or presidents addressed each issue.
How is the United States supposed to communicate with a cacophony of voices?
(An aside: Is strenuous American support for EU enlargement going to diminish the communication problems?)
***
Confusion can reign at national level, too. According to Helsingin Sanomat Halonen ja Vanhanen kehuivat Obama-henkeä (5 April 2009) both prime minister Matti Vanhanen and president Tarja Halonen denied that their competing claims to address the summit was the cause of both being denied the chance to speak.
***
Are there any lessons for the defenders of intergovernmentalism: freely cooperating sovereign nations (former great powers and all)?
They already have what they want: Bickering member states and leaders competing for two and a half minutes in the limelight are the political reality of the European Union’s supposedly common foreign policy.
Europe’s road to oblivion is paved with petty ambitions.
The real question is what the citizens of the European Union need for a better future.
Ralf Grahn
During the USA – EU summit president Barack Obama represented the United States, but nobody represented Europe. Instead a number of national prime ministers or presidents addressed each issue.
How is the United States supposed to communicate with a cacophony of voices?
(An aside: Is strenuous American support for EU enlargement going to diminish the communication problems?)
***
Confusion can reign at national level, too. According to Helsingin Sanomat Halonen ja Vanhanen kehuivat Obama-henkeä (5 April 2009) both prime minister Matti Vanhanen and president Tarja Halonen denied that their competing claims to address the summit was the cause of both being denied the chance to speak.
***
Are there any lessons for the defenders of intergovernmentalism: freely cooperating sovereign nations (former great powers and all)?
They already have what they want: Bickering member states and leaders competing for two and a half minutes in the limelight are the political reality of the European Union’s supposedly common foreign policy.
Europe’s road to oblivion is paved with petty ambitions.
The real question is what the citizens of the European Union need for a better future.
Ralf Grahn
Friday, 7 November 2008
Finland: No to protectionism - Yes to economic reforms
Ahead of yet another summit of European leaders, the Finnish government has issued a statement on its view on how to reform the international financial system and to overcome the economic downturn.
Protectionism is seen as a wrong turn. Instead, structural economic reforms of the kind envisioned in the Lisbon agenda are perceived as necessary, and the European Union should not let its climate targets slip.
Here is the text of the government’s press release:
Government Communications Unit
7.11.2008 11.16
Meeting of EU Heads of State or Government on financial architecture on 7 November
France, the current holder of the EU Presidency, will organise an unofficial meeting for the EU Heads of State or Government in Brussels on 7 November. Prime Minister Matti Vanhanen will represent Finland at the meeting.
The purpose of the meeting is to prepare the EU’s position for the upcoming international summit taking place in Washington on 15 November which is to discuss the international financing system and regulation of the financial market.
In Finland's view reform of the international financing system should focus on measures that promote the strength and transparency of the financing system. This calls for tighter rules for capital requirements concerning financial institutions as well as such rules that neither aggravate the cyclic tendency of the economy nor encourage excessive risk-taking.
As for financial supervision, European-level cooperation and coordination need to be developed to better acknowledge the fact that an increasing number of financial institutions are cross-border entities. The common European central bank system alone requires that the Euro Group has a good understanding of the risks concerning financial institutions.
Outlining the new financial architecture will take its time. It is important for the EU to act in unison. The EU leaders’ meeting will prepare the French Presidency for the upcoming meeting in Washington. The EU needs to have a clear view of how to organise unified action after the Washington meeting as well.
Development of the financial architecture is best carried out at the International Monetary Fund (IMF). This provides emerging economies with better opportunities to participate in the actions of the IMF.
The financial crisis is not over, but it is important that the economic foundations remain open. The crisis is not an excuse for protectionism. The EU Member States need to continue reforms in accordance with the objectives set by the Lisbon Strategy and keep to the climate targets.
Further information: Riina Nevamäki, Special Adviser on EU Affairs, Prime Minister’s Office, tel. +358 9 160 22055 or +358 40 705 2593
***
There are two memorandums on the substantive questions available on the government’s web site (in Finnish).
Ralf Grahn
Protectionism is seen as a wrong turn. Instead, structural economic reforms of the kind envisioned in the Lisbon agenda are perceived as necessary, and the European Union should not let its climate targets slip.
Here is the text of the government’s press release:
Government Communications Unit
7.11.2008 11.16
Meeting of EU Heads of State or Government on financial architecture on 7 November
France, the current holder of the EU Presidency, will organise an unofficial meeting for the EU Heads of State or Government in Brussels on 7 November. Prime Minister Matti Vanhanen will represent Finland at the meeting.
The purpose of the meeting is to prepare the EU’s position for the upcoming international summit taking place in Washington on 15 November which is to discuss the international financing system and regulation of the financial market.
In Finland's view reform of the international financing system should focus on measures that promote the strength and transparency of the financing system. This calls for tighter rules for capital requirements concerning financial institutions as well as such rules that neither aggravate the cyclic tendency of the economy nor encourage excessive risk-taking.
As for financial supervision, European-level cooperation and coordination need to be developed to better acknowledge the fact that an increasing number of financial institutions are cross-border entities. The common European central bank system alone requires that the Euro Group has a good understanding of the risks concerning financial institutions.
Outlining the new financial architecture will take its time. It is important for the EU to act in unison. The EU leaders’ meeting will prepare the French Presidency for the upcoming meeting in Washington. The EU needs to have a clear view of how to organise unified action after the Washington meeting as well.
Development of the financial architecture is best carried out at the International Monetary Fund (IMF). This provides emerging economies with better opportunities to participate in the actions of the IMF.
The financial crisis is not over, but it is important that the economic foundations remain open. The crisis is not an excuse for protectionism. The EU Member States need to continue reforms in accordance with the objectives set by the Lisbon Strategy and keep to the climate targets.
Further information: Riina Nevamäki, Special Adviser on EU Affairs, Prime Minister’s Office, tel. +358 9 160 22055 or +358 40 705 2593
***
There are two memorandums on the substantive questions available on the government’s web site (in Finnish).
Ralf Grahn
Monday, 13 October 2008
EMU: Eurozone summit declaration
Today’s post ’EU: Monetary policy If’ said that the European Union lacks a proper political government and even an economic government. Yesteday’s Eurozone summit was a first concerted euro area attempt to bridge the institutional gap, and to remedy the financial crisis and to mitigate the economic downturn.
The response has been cautiously favourable to the principles put forward by the Eurozone leaders. Here is the text of the summit declaration (12 October 2008):
1) Financial systems contribute essentially to the well functioning of our economies and are therefore a necessary prerequisite for growth and a high level of employment. Millions of depositors have trusted their wealth to our financial institutions. The consequences of the current financial market crisis jeopardize the crucial economic role of the financial system.
2) Since the beginning of the crisis, we have acted to address the challenges posed to our financial system: we have committed ourselves to take decisive action and use all availables tools to support relevant institutions and prevent their failure and effectively acted in several cases ; we have increased transparency and disclosure on banks exposure ; we have enhanced retail deposit guarantee protection.
3) Further concerted action is urgently needed given the persistent problems of bank financing and the contagion from the financial crisis to the real economy.
4) We confirm today our commitment to act together in a decisive and comprehensive way in order to restore confidence and proper functioning of the financial system, aiming at restoring appropriate and efficient financing conditions for the economy.
In parallel, Member States agree to coordinate measures to address the consequences of the financial crisis on the real economy, in line with 7th of October Ecofin conclusions.
In particular, we welcome the EIB’s decision to mobilise 30 billions € to support European SME’s and its commitment to step up its ability to intervene in infrastructure projects.
5) As members of the Euro area, we share a common responsibility and have to contribute to a common European approach. We invite our European partners to adopt the following principles so that the European Union as a whole can act in a united manner and avoid that national measures adversely affect the functioning of the single market and the other member States.
This requires European Union and Euro area governments, central banks and supervisors to agree to a coordinated approach aiming at :
- ensuring appropriate liquidity conditions for financial institutions ;
- facilitating the funding of banks, which is currently constrained ;
- providing financial institutions with additional capital ressources so as to continue to ensure the proper financing of the economy ;
- allowing for an efficient recapitalisation of distressed banks ;
- ensuring sufficient flexibility in the implementation of accounting rules given current exceptional market circumstances ;
- enhancing cooperation procedures among European countries.
In the current exceptional circumstances, we stress the need for the Commission to continue to act quickly and apply flexibility in state aid decisions, continuing to uphold the principles of the single market and of the state aid regime.
Ensuring appropriate liquidity conditions for financial institutions.
6) We welcome the recent decision by the European Central Bank and other Central Banks in the world to cut their interest rates.
7) We also welcome the decisions by the European Central Bank to improve the conditions for the refinancing of banks and to provide more longer term funding.
We look forward to Central Banks considering all ways and means to react flexibly to the current market environment.
We welcome the intention of the ECB and the Eurosystem to react flexibly to the current market environment, in particular in considering to further improve its collateral framework with regard to the eligibility of commercial paper.
Facilitating the funding of banks, which is currently constrained.
8) With a view to complementing the actions taken by the European Central Bank in the interbank money market, the Governments of the Euro Area are ready to take proper action in a concerted and coordinated manner to improve market functioning over longer term maturities.
The objective of such initiatives should be to address funding problems of liquidity constrained solvent banks.
We welcome the initiatives put forward in some member states to facilitate medium term funding of banks notably through purchase of high quality assets or through swaps of government securities.
The worsening of financial conditions in the last four weeks requires additional coordinated actions. To this aim, Governments would make available for an interim period and on appropriate commercial terms, directly or indirectly, a Government guarantee, insurance, or other similar arrangements of new medium term (up to 5 years) bank senior debt issuance.
Depending on domestic market conditions in each country, actions could be targeted at some specific and relevant types of debt issuance.
In all cases, these actions will be designed in order to avoid any distortion in the level playing field and possible abuse at the expense of non beneficiaries of these arrangements.
As a consequence :
- the price of those instruments will reflect at least their true value with respect to normal market conditions ;
- all the financial institutions incorporated and operating in our countries and subsidiary of foreign institutions with substantial operations will be eligible, provided they meet the regulatory capital requirements and other non discriminatory objective criteria ;
- Governments may impose further conditions for the beneficiaries of these arrangements, including conditions to ensure an adequate support to real economy ;
- the scheme will be limited in amount, temporary and will be applied under close scrutiny of financial authorities, until December 31 2009.
While acting quickly as required by circumstances, we will coordinate in providing these guarantees as significant differences in national implementation could have a counter-productive effect, creating distortions in the global banking markets.
We will also work in cooperation with the European Central Bank so as to ensure consistency with the management of liquidity by the Eurosystem and compatibility with the operational framework of the Eurosystem.
Providing financial institutions with additional capital ressources so as to continue to ensure the proper financing of the economy.
9) So as to allow financial institutions to continue to ensure the proper financing of the Eurozone economy, each Member State will make available to financial institutions Tier 1 capital, e.g. by acquiring preferred shares or other instruments including non dilutive ones.
Price conditions shall take into account the market situation of each involved instution.
Governments commit themselves to provide capital when needed in appropriate volume while favouring by all available means the raising of private capital. Financial institutions should be obliged to accept additionnal restrictions, notably to preclude possible abuse of such arrangements at the expense of non beneficiaries.
10) Given the exceptional market circumstances, we urge national supervisors, in accordance with the spirit of Basel 2 rules, to implement prudential rules also with a view to stabilising the financial system.
Allowing for an efficient recapitalisation of distressed banks.
11) Governments remain committed to support the financial system and therefore to avoid the failure of relevant financial institutions, through appropriate means including recapitalization.
In doing so, we will be watchful regarding the interest of taxpayers and ensure that existing shareholders and management bear the due consequences of the intervention.
Emergency recapitalisation of a given institution shall be followed by an appropriate restructuring plan.Ensuring sufficient flexibility in the implementation of accounting rules given current exceptional market circumstances.
12) We welcome the recent initiatives of the Commission regarding conclusions of the 7th October Ecofin regarding the classification of financial instruments by banks between their trading and banking books, notably to ensure a level playing field with our competitors.
Under the current exceptional circumstances, financial and non-financial institutions should be allowed as necessary to value their assets consistently with risk of default assumptions rather than immediate market value which, in illiquid markets may no longer be appropriate.
We ask the competent autorities to take the next steps within the coming days.
Enhancing cooperation among European countries.
13) In such circumstances, efficient crisis management requires constant and immediate monitoring. We will therefore set up and strengthen procedures allowing the exchange of information between our Governments, the President of the European Council, the President of the European Commission, the President of the European Central Bank and the President of the Eurogroup.
We look forward the European Council on next Wednesday to setting up a mecanism to improve crisis managment between European countries.
***
14) The Ecofin Council with the support of the Commission and in cooperation with the European Central Bank will report in due time to the European Council on the implementation of these decisions.
***
Source:
http://www.ue2008.fr/PFUE/lang/en/accueil/PFUE-10_2008/PFUE-12.10.2008/sommet_pays_zone_euro_declaration_plan_action_concertee
Read and judge for yourselves.
Ralf Grahn
The response has been cautiously favourable to the principles put forward by the Eurozone leaders. Here is the text of the summit declaration (12 October 2008):
1) Financial systems contribute essentially to the well functioning of our economies and are therefore a necessary prerequisite for growth and a high level of employment. Millions of depositors have trusted their wealth to our financial institutions. The consequences of the current financial market crisis jeopardize the crucial economic role of the financial system.
2) Since the beginning of the crisis, we have acted to address the challenges posed to our financial system: we have committed ourselves to take decisive action and use all availables tools to support relevant institutions and prevent their failure and effectively acted in several cases ; we have increased transparency and disclosure on banks exposure ; we have enhanced retail deposit guarantee protection.
3) Further concerted action is urgently needed given the persistent problems of bank financing and the contagion from the financial crisis to the real economy.
4) We confirm today our commitment to act together in a decisive and comprehensive way in order to restore confidence and proper functioning of the financial system, aiming at restoring appropriate and efficient financing conditions for the economy.
In parallel, Member States agree to coordinate measures to address the consequences of the financial crisis on the real economy, in line with 7th of October Ecofin conclusions.
In particular, we welcome the EIB’s decision to mobilise 30 billions € to support European SME’s and its commitment to step up its ability to intervene in infrastructure projects.
5) As members of the Euro area, we share a common responsibility and have to contribute to a common European approach. We invite our European partners to adopt the following principles so that the European Union as a whole can act in a united manner and avoid that national measures adversely affect the functioning of the single market and the other member States.
This requires European Union and Euro area governments, central banks and supervisors to agree to a coordinated approach aiming at :
- ensuring appropriate liquidity conditions for financial institutions ;
- facilitating the funding of banks, which is currently constrained ;
- providing financial institutions with additional capital ressources so as to continue to ensure the proper financing of the economy ;
- allowing for an efficient recapitalisation of distressed banks ;
- ensuring sufficient flexibility in the implementation of accounting rules given current exceptional market circumstances ;
- enhancing cooperation procedures among European countries.
In the current exceptional circumstances, we stress the need for the Commission to continue to act quickly and apply flexibility in state aid decisions, continuing to uphold the principles of the single market and of the state aid regime.
Ensuring appropriate liquidity conditions for financial institutions.
6) We welcome the recent decision by the European Central Bank and other Central Banks in the world to cut their interest rates.
7) We also welcome the decisions by the European Central Bank to improve the conditions for the refinancing of banks and to provide more longer term funding.
We look forward to Central Banks considering all ways and means to react flexibly to the current market environment.
We welcome the intention of the ECB and the Eurosystem to react flexibly to the current market environment, in particular in considering to further improve its collateral framework with regard to the eligibility of commercial paper.
Facilitating the funding of banks, which is currently constrained.
8) With a view to complementing the actions taken by the European Central Bank in the interbank money market, the Governments of the Euro Area are ready to take proper action in a concerted and coordinated manner to improve market functioning over longer term maturities.
The objective of such initiatives should be to address funding problems of liquidity constrained solvent banks.
We welcome the initiatives put forward in some member states to facilitate medium term funding of banks notably through purchase of high quality assets or through swaps of government securities.
The worsening of financial conditions in the last four weeks requires additional coordinated actions. To this aim, Governments would make available for an interim period and on appropriate commercial terms, directly or indirectly, a Government guarantee, insurance, or other similar arrangements of new medium term (up to 5 years) bank senior debt issuance.
Depending on domestic market conditions in each country, actions could be targeted at some specific and relevant types of debt issuance.
In all cases, these actions will be designed in order to avoid any distortion in the level playing field and possible abuse at the expense of non beneficiaries of these arrangements.
As a consequence :
- the price of those instruments will reflect at least their true value with respect to normal market conditions ;
- all the financial institutions incorporated and operating in our countries and subsidiary of foreign institutions with substantial operations will be eligible, provided they meet the regulatory capital requirements and other non discriminatory objective criteria ;
- Governments may impose further conditions for the beneficiaries of these arrangements, including conditions to ensure an adequate support to real economy ;
- the scheme will be limited in amount, temporary and will be applied under close scrutiny of financial authorities, until December 31 2009.
While acting quickly as required by circumstances, we will coordinate in providing these guarantees as significant differences in national implementation could have a counter-productive effect, creating distortions in the global banking markets.
We will also work in cooperation with the European Central Bank so as to ensure consistency with the management of liquidity by the Eurosystem and compatibility with the operational framework of the Eurosystem.
Providing financial institutions with additional capital ressources so as to continue to ensure the proper financing of the economy.
9) So as to allow financial institutions to continue to ensure the proper financing of the Eurozone economy, each Member State will make available to financial institutions Tier 1 capital, e.g. by acquiring preferred shares or other instruments including non dilutive ones.
Price conditions shall take into account the market situation of each involved instution.
Governments commit themselves to provide capital when needed in appropriate volume while favouring by all available means the raising of private capital. Financial institutions should be obliged to accept additionnal restrictions, notably to preclude possible abuse of such arrangements at the expense of non beneficiaries.
10) Given the exceptional market circumstances, we urge national supervisors, in accordance with the spirit of Basel 2 rules, to implement prudential rules also with a view to stabilising the financial system.
Allowing for an efficient recapitalisation of distressed banks.
11) Governments remain committed to support the financial system and therefore to avoid the failure of relevant financial institutions, through appropriate means including recapitalization.
In doing so, we will be watchful regarding the interest of taxpayers and ensure that existing shareholders and management bear the due consequences of the intervention.
Emergency recapitalisation of a given institution shall be followed by an appropriate restructuring plan.Ensuring sufficient flexibility in the implementation of accounting rules given current exceptional market circumstances.
12) We welcome the recent initiatives of the Commission regarding conclusions of the 7th October Ecofin regarding the classification of financial instruments by banks between their trading and banking books, notably to ensure a level playing field with our competitors.
Under the current exceptional circumstances, financial and non-financial institutions should be allowed as necessary to value their assets consistently with risk of default assumptions rather than immediate market value which, in illiquid markets may no longer be appropriate.
We ask the competent autorities to take the next steps within the coming days.
Enhancing cooperation among European countries.
13) In such circumstances, efficient crisis management requires constant and immediate monitoring. We will therefore set up and strengthen procedures allowing the exchange of information between our Governments, the President of the European Council, the President of the European Commission, the President of the European Central Bank and the President of the Eurogroup.
We look forward the European Council on next Wednesday to setting up a mecanism to improve crisis managment between European countries.
***
14) The Ecofin Council with the support of the Commission and in cooperation with the European Central Bank will report in due time to the European Council on the implementation of these decisions.
***
Source:
http://www.ue2008.fr/PFUE/lang/en/accueil/PFUE-10_2008/PFUE-12.10.2008/sommet_pays_zone_euro_declaration_plan_action_concertee
Read and judge for yourselves.
Ralf Grahn
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