
Financial Crisis Watch 23 July 2009 Defining common criteria to share the financial burden of bank bailouts in the event of a crisis should be one of the EU's priorities in order to shield Europe's economy from future turmoil, according to an group of the bloc's major financial players. In a joint appeal, representatives of Europe's major banks and financial industry players called for progress on supporting transnational financial groups in the event of failure. The appeal comes as the European Commission is drafting new detailed rules for EU-wide financial supervision. New draft legislation is expected in the autumn.
Topic: Economic and Social Policy Reforms
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Date of Publication: 23 July 2009

Financial Crisis Watch 1 July 2009 In an attempt to pull the EU economy out of recession, the European Central Bank (ECB) injected 442 billion euros' worth of one-year funds into money markets on 24th June, the bank's biggest-ever liquidity injection. The massive loan to Eurozone banks at a flat rate of 1 per cent marks the latest step in the ECB's efforts to get liquidity flowing and fend off the impact of the financial market crisis. The loan represents about 70 per cent of the ECB's outstanding liquidity operations and 5 per cent of euro zone economic output, and analysts said the generous supply of funds should bring down money market rates.
Topic: Economic and Social Policy Reforms
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Date of Publication: July 2009

Financial Crisis Watch 13 June 2009 Visegrad Four heads discuss economic crisis, energy policy: On 4th June the prime ministers of the Czech Republic, Hungary, Poland and Slovakia met to discuss the necessary steps to address the economic crisis, energy security and other issues related to the EU. The leaders of the Visegrad 4 countries discussed measures to tackle the financial crisis in their countries, which were particularly affected by it. Czech PM Fischer declared also that this meeting was of vital importance in order to find shared solutions to ensure energy security for Central-Eastern Europe.
Topic: Economic and Social Policy Reforms
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Date of Publication: 13 June 2009

Financial Crisis Watch 13 May 2009 On 7th May, the European Central Bank cut its principal interest rate by 25 basis points to 1per cent. The ECB decided to cut the interest rate on its marginal lending facility by 50 basis points to 1.75 per cent and to keep the interest rate on its deposit facility unchanged at 0.25 per cent. Jean-Claude Trichet, the ECB's president, said that the decision to reduce rates was taken in the light of data showing that the eurozone's first quarter performance was “much weaker than expected”. He said the ECB had not excluded further rate cuts
Topic: Economic and Social Policy Reforms
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Date of Publication: 13 May 2009

Financial Crisis Watch 15 april 2009 At an informal meeting in Prague, EU Finance Ministers and Central Bank Governors reached agreement on key principles for the reform of financial market supervision. The meeting was chaired by Czech Finance Minister Miroslav Kalousek. On the second day of the informal ECOFIN meeting, the Finance Ministers and Central Bank Governors discussed the reform of the structure used to supervise the financial market in the EU.
Topic: Economic and Social Policy Reforms
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Date of Publication: 15 April 2009