The agreement on the next Multiannual Financial Framework (MFF) was issued by the heads of State and Government at the Brussels European Council held from 7 to 8 February. The MFF defines the budgetary priorities of the European Union for 2014-2020. A final agreement with the European Parliament has yet to be reached for the new MFF to enter into force in January 2014. Read also: summary of the EC Agreement, the European Council conclusions and the special coverage on the MFF.
Texto del acuerdo sobre el Marco Financiero Plurianual (MFP) alcanzado emitida por los Jefes de Estado y de Gobierno en el Consejo Europeo de Bruselas realizado del 7 al 8 de febrero. El MFP define las prioridades presupuestarias de la Unión Europea para el período 2014-2020. Queda pendiente el acuerdo con el Parlamento Europeo para que el nuevo MFP entre en vigor en enero de 2014. Ver también (en inglés): resumen del acuerdo del Consejo Europeo, las conclusiones del Consejo Europeo y el especial sobre el MFP.
DI 14/12/2012
At the Council meeting on 12 December the EU finance ministers agreed on the legislative proposal that establishes the single supervisory mechanism (SSM)for the oversight of credit institutions, which is a key element to establish a banking union. The legislative proposal contains two regulations: one confers supervisory tasks on theEuropean Central Bank (ECB), and the other modifies the existing regulation on the European Banking Authority.
DI - 5/12/2012
This report provides the background to the roadmap for the achievement of an Economic and Monetary Union (EMU) presented at the December 2012 European Council. It suggests a timeframe and a stage-based process towards the completion of the EMU. It was prepared by Herman Van Rompuy, President of the European Council, in close collaboration with José Manuel Barroso, President of the European Commission, Jean-Claude Juncker, President of the Eurogroup, and Mario Draghi, President of the European Central Bank.
DI - 27/11/2012
The Eurogroup approved the next disbursement of financial aid to Greece. The disbursement would be for a total amount of €43.7 billion, €34.4 billion of which will be disbursed in December. The remainder will be disbursed in three sub-tranches in the first quarter of 2013 and will be linked to the implementation of agreed “milestone” actions in the Greek programme.
El Eurogrupo ha aprobado el próximo desembolso de ayuda financiera a Grecia por un total de 43,7 miles de millones de euros, de los cuales 34,4 (un 79%) serán desembolsados en diciembre de 2012. El resto se desembolsará en tres sub-tramos del primer trimestre de 2013, y estará vinculado a la implementación de las acciones acordadas en el programa griego.
DI 19/10/2012
The European Union leaders agreed a euro zone banking supervisor to open the way for troubled banks to access bailout money directly. Adopted on 18 October at the European Council in Brussels, this conclusion stressed the need to strengthen the Economic and Monetary Union (EMU) to ensure economic and social welfare, as well as stability and sustained prosperity. Read also the European Council President interim report on the further development of economic and monetary union.
Los líderes de la Unión Europea han acordado un mecanismo de supervisión bancario en la Euro zona que permitirá a los bancos con problemas acceder directamente a los fondos de rescate. Las conclusiones sobre la Unión Económica y Monetaria (UEM), adoptadas en la sesión del Consejo Europeo del 18 de octubre, subrayan la necesidad de fortalecer dicho mecanismo para asegurar el bienestar económico y social, así como la estabilidad y el crecimiento sostenible. Ver también: European Council President interim report on the
further development of economic and monetary union
DI - 10/10/2012
There are increased risks to global financial system with the euro area crisis the principal source of concern, according to the October 2012 issue of the GFSR.
Según la edición de octubre de 2012 del Informe sobre la Estabilidad Financiera Mundial, los riesgos para la estabilidad financiera se han recrudecido, siendo la crisis de la zona del euro la principal fuente de inquietudes. Ver el sumario en español.
MI - 8/10/2012
Comparecencia del gobernador del Banco de España, Luis M. Linde, ante la Comisión de Presupuestos del Congreso realizada el 4 de octubre de 2012.
MI - 3/10/2012
Aprobada por el Consejo de Ministros, la Estrategia española de política económica. Balance y reformas estructurales para el próximo semestre comprende 43 nuevas leyes a ser aprobadas y remitidas al Congreso, además del Plan de Emprendedores y las Estrategias de Ciencia, Tecnología e Innovación.
DI - 14/9/2012
The World Bank has issued its first report of a new series on Global Financial Development, which re-examines a basic question: what is the proper role of the state in financial development? The report aims to provide a unique contribution to financial sector policy debates, building on novel data, surveys, research, and wide-ranging country experience, with emphasis on emerging-market and developing economies.
“Repensar el papel del Estado en el ámbito financiero” es el nuevo informe del Banco Mundial que reexamina cuál es el papel apropiado del Estado en el sector financiero, mediante el análisis del comportamiento de los sistemas financieros de distintas partes del mundo durante la crisis financiera mundial. El informe se basa en nuevas encuestas mundiales, y en él se compilan singulares datos de nivel de países, que abarcan más de 200 economías a partir de 1960.
DI - 12/9/2012
Extracts from the decision of the Federal Constitutional Court of Germany which rejects the request to block the ratification of the two treaties establishing the European Stability Mechanism (ESM). This paves the way for the creation of the EU’s rescue fund €500bn and the fiscal pact on budget discipline.
Extracto de la sentencia de la Corte Constitucional de Alemania que rechaza la solicitud de bloqueo de la ratificación de los tratados que establecen el Mecanismo Europeo de Estabilidad (MEDE). La sentencia allana el camino para la creación del fondo de rescate permanente y el pacto fiscal de disciplina presupuestaria.
DI - 7/9/2012
Introductory
statement to the press conference of Mario Draghi, President of the ECB, on the
outcome of the Governing Council meeting held on 6 September. The BCE decided the
modalities for undertaking Outright Monetary Transactions (OMTs) in secondary
markets for sovereign bonds in the euro area, and also to keep the key ECB interest
rates unchanged.
DI - 10/7/2012
In this statement on the follow-up of the Euro Summit held on 29 June, the Eurogroup 'supports the recently adopted Commission recommendation to extend the deadline for the correction of the excessive deficit in Spain by one year to 2014'.
DI - 2/7/2012
The “Compact for Growth and Jobs” was issued by the heads of State and Government at the Brussels European Council held from 28 to 29 June. The Council also endorsed the country-specific recommendations to guide Member States’ policies and budgets, and emphasised the role that the forthcoming Multiannual Financial Framework should play in strengthening growth and employment.
This final statement was issued by the Euro Area heads of State and Government at the summit on the future of euro held in Brussels on 29 June.
DI - 10/6/2012
The Eurogroup would approve a financial assistance ( €100 billion) provided by the EFSF/ESM for recapitalisation of the Spanish financial institution, but without an accompanying austerity programme.
DI - 31/5/2012
The EC has set out a package of recommendations for budgetary measures and economic reforms to enhance financial stability, boost growth and create employment. It has three distinct but interlinked components:
The official documents of the Camp David G8 Summit of the Heads of State and government held in the U.S. from 18 to 19 May include the Camp David Declaration and statements on energy and climate change, food security, and the transitions in the Middle East and North Africa.
DI - 14/5/2012
This Commission staff working document released by the Directorate-General for Economic and Financial Affairs of the European Commission highlights that the European Union economy is currently in a mild recession but a gradual recovery is in sight. ‘GDP is projected to stagnate in the EU and contract by 0.3% in the euro area this year, and to grow by 1.3% in the EU and by 1.0% in the euro area in 2013’. More information on the Spring 2012 forecast.
DI - 4/5/2012
Introductory statement to the press conference by Mario Draghi, President of the European Central Bank, regarding the Governing Council decision to keep the key ECB interest rates unchanged.
DI - 4/5/2012
At its 3163rd meeting on 2 May, the Economic and Financial Affairs Council examined proposals to amend the EU’s rules on capital requirements for banks and investment firms package (“CRD 4”), with a view to starting negotiations with the European Parliament aimed at adoption of the texts at first reading.
DI - 20/4/2012
The European Commission presented its proposal for the multi-annual budget for 2014-2020 on 29 June 2011. This website tracks the discussions on the European Union’s budget framework for 2014-2020 which have entered the ‘negotiating box’ phase that contains the most central issues and options.
DI - 18/4/2012
‘The prospects for the global economy are slowly improving, but growth is expected to be weak, especially in Europe, and unemployment in many advanced economies will stay high’, according to this year’s edition of the World Economic Outlook. The report forecasts growth of 1.4 percent in 2012, and 2 percent in 2013 for advanced countries as a whole. This negative number for the euro reflects negative growth of around 2 percent in countries such as Italy and Spain.
DI - 2/4/2012
The Council of Ministers approved on 30 March the submission to Spanish Parliament of the Draft Bill on the General State Budget for 2012, which means an overall reduction in spending of 16.9%. The 27-billion euro adjustment aims to reach the objective for budget stability through control spending and increasing revenue.
