Nicolas Véron looks at the differences between the financial crisis in the US and what is happening in the financial sector in Europe. There are serious problems and risks on both sides of the Atlantic, but they are not the same.
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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.
DG ECFIN produces economic forecasts on behalf of the Commission. They serve as a basis for various economic surveillance procedures, such as in the context of the European Semester. European Economic Forecasts concentrate on the EU Member States, the euro area and the EU, but also include outlooks for candidate countries as well as some non-EU countries. Each forecast has at least a two-year time horizon (with an additional year added each autumn) including the current year and the next. The forecasts cover about 180 variables and are the result of several iterative rounds. More information can be found here.
Both public authorities and private partners face the major challenge to guarantee targeted and long-term investment for qualitative growth and jobs in Europe's regions and cities. Developing greater synergies and an innovative approach of public finance is of paramount importance. The Committee of the Regions and the European Investment Bank, with the support of the Irish Presidency of the Council of the EU, invite stakeholders from the EU member states to discuss today's financial situation and future perspectives for long term investments in Europe's regions and cities. Among the confirmed speakers are CoR President Valcárcel, EIB President Hoyer, Luxembourg Prime Minister Juncker and the Irish Minister Howlin. The conference will provide a platform for regional and local authorities to present their views on trends in subnational public finances; discuss the impact of European economic governance on regional and local governments' capacity to deliver on the Europe 2020 growth strategy; build on experience and prospects of EIB financial instruments and EU structural funds 2014-2020 for 'quality investments' on the ground. Registration and information
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
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
The European System of Financial Supervision (ESFS) has been in operation for two years. The regulations establishing the European Supervisory Authorities (ESAs) and the European Systemic Risk Board (ESRB) include provisions for the Commission to review their structure and performance within the ESFS and the ESFS as a whole.
The purpose of the public hearing is to offer a platform for representatives of the ESRB and the ESAs, together with other key stakeholders, to discuss the achievements of the individual authorities and to reflect on the effectiveness of the ESFS as a whole, taking into account the possible impact of the Single Supervisory Mechanism.
The hearing will be opened by Commissioner Michel Barnier and Vice-President Oli Rehn will pronounce the closing speech.
More information about the event
Online registration
The Competitiveness Council brings together the EU ministers responsible for the single market, industry and research. It meets about five or six times a year.
This Council assumes a horizontal role in ensuring a coherent and coordinated approach to the enhancement of competitiveness and growth in Europe. It is responsible for further developing the EU’s single market and ensuring the framework conditions for European industry and research.
A presidency briefing, agenda and background note will be published on the Council website closer to the date of the meeting.
Presidency of the Council of the EU website
Council website
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