Sunday 23 May 2010

Tracking eurozone crisis measures: Half empty or half full?

The European Central Bank has published its formal decisions: Eurozone crisis: ECB decisions (21 May 2010) and earlier blog posts with references to ECB decisions published in the OJEU. (Operations are important, but a separate matter.)

The EU measure published is Council Regulation (EU) No 407/2010 of 11 May 2010 establishing a European financial stabilisation mechanism, in the OJEU 12.5.2010 L 118/1: Background: European financial stabilisation mechanism (13 May 2010) and discussion in some later posts.

The preparatory act directly linked to the eurozone crisis was the recommendation for a decision on Greek corrective measures (available 21 languages, but not in English; here a link to the French version):

Recommandation en vue d'une DÉCISION DU CONSEIL adressée à la Grèce en vue de renforcer et d'approfondir la surveillance budgétaire et mettant la Grèce en demeure de prendre des mesures pour procéder à la réduction du déficit jugée nécessaire pour remédier à la situation de déficit excessif ; Bruxelles, le 4.5.20010 SEC(2010) 560 final.

Otherwise the decisions or proposals concerning eurozone rescue measures have not been published centrally and officially, in the Official Journal of the European Union or as preparatory acts (COM or SEC documents) on Eur-Lex: Eurozone crisis: Roundup of official information (OJEU) (19 May 2010) and Eurozone crisis: Roundup of preparatory documents on Eur-Lex (19 May 2010).

This is still the situation as per today, 23 May 2010.

Road map

The dearth of central and official publishing does not mean that the Council (ECOFIN), the heads of state or government of the euro area countries, the Euro Group and the European Commission have refrained from communicating altogether. We just have to look for the bits and pieces elsewhere.

For the convenience of readers and our own enlightenment, we aim to track the communications from the institutions and informal groups on the eurozone crisis and economic governance in a few blog posts.

Ralf Grahn

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