Thursday 27 May 2010

Tracking eurozone crisis measures: Hopeful informality

According to the agenda of the Spanish presidency of the Council of the European Union, the informal Euro Group and an informal meeting of finance ministers of all EU countries (ECOFIN) together with the governors of the central banks took place in Madrid 16 to 17 April 2010.

After the informal ECOFIN Council the Spanish minister of economy Elena Salgado remarked that the ministers had reached consensus on almost everything, citing the stability and convergence programmes as an example. This would make formal conclusions possible shortly.

Fiscal consolidation had started and economic growth is gaining pace in almost all countries. Commissioner Olli Rehn was working on proposals for better economic policy coordination and supervision. National budgetary frameworks had been discussed, said Salgado (16 April 2010).

At the press conference on 17 April 2010, commissioner Olli Rehn welcomed the positive reception of ideas to strengthen economic peer review. Concrete proposals would be forthcoming on 12 May 2010.

The outward appearances, at least, were hopeful.

Ralf Grahn

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