STATEMENT OF THE MEMBERS OF THE EUROPEAN COUNCIL 30 JANUARY 2012
TOWARDS GROWTH-FRIENDLY CONSOLIDATION AND JOB-FRIENDLY GROWTH
Over recent months, there have been tentative signs of economic stabilisation but financial market tensions continue to dampen economic activity and uncertainty remains high. Governments are undertaking strong efforts to correct budgetary imbalances on a sustainable basis but further efforts are needed to promote growth and employment. There are no quick fixes. Our action must be determined, persistent and broad-based. We must do more to get Europe out of the crisis.
9 December 3 AM: Statement by euro area heads of state or government
The European Union and the euro area have done much over the past 18 months to improve economic governance and adopt new measures in response to the sovereign debt crisis. However, market tensions in the euro area have increased, and we need to step up our efforts to address the current challenges. Today we agreed to move towards a stronger economic union. This implies action in two directions:
- a new fiscal compact and strengthened economic policy coordination;
- the development of our stabilisation tools to face short term challenges.
Official version: Main results of Euro Summit
Secure the decline of the Greek debt to GDP ratio with an objective of reaching 120% by 2020. Euro area Member States will contribute to the PSI package up to 30 bn euro. The nominal discount will be 50% on notional Greek debt held by private investors. A new EU-IMF multiannual programme financing up to 100 bn euro will be put in place by the end of the year. It will be accompanied by a strengthening of the mechanisms for the monitoring of implementation of the reforms
EUROZONE SUMMIT: METRIC OF SUCCESS
Understanding what a Central Bank is for / The Boundaries of European Financial Institutional Architecture
WHAT IS THE METRIC OF SUCCESS OF THE FINAL EUROZONE SUMMIT CONCLUSIONS ?
A Man worth Listening to: Jan Kees de Jager
Dutch Finance Minister Jan Kees de Jager - some references below
A Man worth listening to this week, run into the Emergency Council
Eurozone to ask banks to accept losses of up to 50% on their holdings of Greek debt
Reuters reported yesterday that to the October 23 EU summit, the banks will be asked to accept losses of up to 50% on their holdings of Greek debt. This is much larger haircut compared to the 21% loss financial institutions were asked to accept in July.
This page outlines issues of the Greek storm blowing a 'howlin monster' over Brussels ....
Olli Rehn could soon be sitting in Eurogroup chief Juncker's chair
Eurogroup chief Jean-Claude Juncker has been out of the spotlight recently. However behind the scenes discussions are going on to find Juncker’s replacement as the group’s head. It is now certain his reign will come to an end when his term expires in January.
And so begins the debate as to exactly who will replace him. German Finance Minister Wolfgang Schäuble has already been mentioned as a possible successor. Schäuble however, rejected the claims as simply rumours.
EU Economic Governance: Lunatix 2
updated for the bank holiday and rentree coincidence August 2011,

Lunatix Two: A European Stabilisation Bank & the Dysfunctional European Commission Economic Policy development process
Euro-area leaders reach comprehensive agreement designed to support Greece
Official version: Leaders of the euro-area countries announced on 21 July a raft of measures designed to alleviate the Greek debt crisis and ensure the financial stability of the euro area as a whole.







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