Although the crisis seems to be cooling down, Alan Ahearne warns that the turmoi is not over. The author believes the inevitable sharp slowdown in credit growth resulting from the crisis has all but guaranteed that the global economy faces a deep and prolonged downturn.
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The European Council meets at least twice every six months in Brussels. It comprises the heads of state or government of the EU Member States and the President of the European Commission. It is chaired by its President, Herman Van Rompuy. Statements after the meetings and other relevant documents can be found through the following link. http://www.european-council.europa.eu/council-meetings?lang=en
The Governing Council of the European Central Bank (ECB) takes its monetary policy decision for the euro area. Shortly after the meeting, the President of the ECB explains the decision in an introductory statement. This is followed by a question-and-answer session with media representatives. A few hours later the transcript of the press conference is published on the ECB website. The background: As announced on 8 November 2001, the monetary policy stance of the ECB will continue to be assessed by the Governing Council, as a rule, only at the first meeting of the month. Accordingly, decisions on the key ECB interest rates will normally be taken during that meeting. Whenever it holds a second meeting in the month, the Governing Council will deal with issues related to other tasks and responsibilities of the ECB and the Eurosystem. Obviously, if warranted by the circumstances, the Governing Council can assess its monetary policy stance and decide to change the key ECB interest rates at any time, regardless of previously scheduled meetings. The meeting schedule of the Governing Council also takes into account the fact that reserve maintenance periods will start on the settlement day of the main refinancing operation following the Governing Council meeting at which the monthly assessment of the monetary policy stance is scheduled to take place. The schedules for the ECB meetings can be found here.
The Governing Council of the European Central Bank (ECB) takes its monetary policy decision for the euro area. Shortly after the meeting, the President of the ECB explains the decision in an introductory statement. This is followed by a question-and-answer session with media representatives. A few hours later the transcript of the press conference is published on the ECB website. The background: As announced on 8 November 2001, the monetary policy stance of the ECB will continue to be assessed by the Governing Council, as a rule, only at the first meeting of the month. Accordingly, decisions on the key ECB interest rates will normally be taken during that meeting. Whenever it holds a second meeting in the month, the Governing Council will deal with issues related to other tasks and responsibilities of the ECB and the Eurosystem. Obviously, if warranted by the circumstances, the Governing Council can assess its monetary policy stance and decide to change the key ECB interest rates at any time, regardless of previously scheduled meetings. The meeting schedule of the Governing Council also takes into account the fact that reserve maintenance periods will start on the settlement day of the main refinancing operation following the Governing Council meeting at which the monthly assessment of the monetary policy stance is scheduled to take place. The schedules for the ECB meetings can be found here.
The Eurogroup, composed of the Member States whose currency is the euro, meets normally the day before the Economic and Financial Affairs Council meeting and deals with issues relating to the Economic and Monetary Union (EMU).
It is an informal body which is not a configuration of the Council.
Eurogroup
EU presidency website
The Economic and Financial Affairs Council ("Ecofin") is composed of the Economics and Finance Ministers of the Member States, as well as Budget Ministers when budgetary issues are discussed. It meets once a month.
This Council covers EU policy in a number of areas including: economic policy coordination, economic surveillance, monitoring of Member States' budgetary policy and public finances, the euro, financial markets and capital movements and economic relations with third countries. It decides mainly by qualified majority, in consultation or codecision with the European Parliament, with the exception of fiscal matters which are decided by unanimity.
The Ecofin Council also prepares and adopts every year, together with the European Parliament, the budget of the European Union.
A Presidency briefing, agenda and background note will be published on the Council website closer to the date of the meeting.
Website of the Council
EU presidency website
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