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Europaudvalget 2009-10
Ekstraordinært økofin 9/5-10 Bilag 2
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COUNCIL OF

THE EUROPEAN UNION

9596/10 (Presse 108)

PROVISIONAL VERSION

PRESS RELEASE

Extraordinary Council meeting

Economic and Financial Affairs

Brussels, 9/10 May 2010

President

Ms Elena SALGADO

Second Vice-President of the Government and Minister for

Economic Affairs and Finance of Spain

PRESS

Rue de la Loi 175

B – 1048 BRUSSELS

Tel.: +32 (0)2 281 8914 / 6319

Fax: +32 (0)2 281 8026

[email protected] http://www.consilium.europa.eu/Newsroom

9596/10 (Presse 108)

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PROVISIONAL VERSION

9.V.2010

Main results of the Council

The Council and the member states decided on a comprehensive package of measures to preserve

financial stability in Europe, including a European financial stabilisation mechanism, with a total

volume of up to EUR 500 billion.

9596/10 (Presse 108)

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PROVISIONAL VERSION

9.V.2010

CONTENTS

PARTICIPANTS ................................................................................................................................4

ITEMS DEBATED

EUROPEAN STABILISATION MECHANISM TO PRESERVE FINANCIAL STABILITY.........6

OTHER ITEMS APPROVED

none

Where declarations, conclusions or resolutions have been formally adopted by the Council, this is indicated

in the heading for the item concerned and the text is placed between quotation marks.

Documents for which references are given in the text are available on the Council's Internet site

(http://www.consilium.europa.eu).

Acts adopted with statements for the Council minutes which may be released to the public are indicated by

an asterisk; these statements are available on the Council's Internet site or may be obtained from the Press

Office.

9596/10 (Presse 108)

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9.V.2010

PARTICIPANTS

The governments of the Member States and the European Commission were represented as follows:

Belgium:

Mr Didier REYNDERS

Bulgaria:

Mr Simeon DJANKOV

Czech Republic:

Mr Eduard JANOTA

Mr Tomáš ZÍDEK

Denmark:

Mr Claus HJORT FREDERIKSEN

Germany:

Mr Thomas de MAIZIÈRE

Mr Jörg ASMUSSEN

Estonia:

Mr Jürgen LIGI

Ireland:

Mr Brian LENIHAM

Greece:

Mr George PAPACONSTANTINOU

Spain:

Ms Elena SALGADO

Mr José Manuel CAMPA

France:

Ms Christine LAGARDE

Italy:

Mr Giulio TREMONTI

Cyprus:

Mr Charilaos STAVRAKIS

Latvia:

Mr Normunds POPENS

Lithuania:

Ms Ingrida ŠIMONYTö

Luxembourg:

Mr Luc FRIEDEN

Hungary:

Mr Tamás KATONA

Malta:

Mr Tonio FENECH

Netherlands:

Mr Jan Kees de JAGER

Austria:

Mr Josef PRÖLL

Poland:

Mr Jan VINCENT-ROSTOWSKI

Portugal:

Mr Fernando TEIXEIRA DOS SANTOS

Deputy Prime Minister and Minister for Finance and

Institutional Reforms

Deputy Prime Minister and Minister for Finance

Minister for Finance

Deputy Minister for Finance, International Relations and

Financial Policy Section

Minister for Finance

Federal Minister for the Interior

State Secretary, Ministry of Finance

Minister for Finance

Second Vice-President of the Government and Minister

for Economic Affairs and Finance

State Secretary for Economy

Minister for Economic Affairs, Industry and Employment

Minister for Economic Affairs and Finance

Minister for Finance

Permanent Representative

Minister for Finance

State Secretary, Ministry of Finance

Minister of Finance, Economy and Investment

Minister for Finance

Vice Chancellor and Federal Minister for Finance

Minister for Finance

Ministro de Estado, Minister for Finance

9596/10 (Presse 108)

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Romania:

Mr Alexandru NAZARE

Slovenia:

Mr Franc KRI�½ANIČ

Slovakia:

Mr Peter KA�½IMÍR

Finland:

Mr Jyrki KATAINEN

Sweden:

Mr Anders BORG

United Kingdom:

Mr Alistar DARLING

State Secretary, Ministry of Finance

Minister for Finance

State Secretary at the Ministry of Finance

Deputy Prime Minister, Minister for Finance

Minister for Finance

Chancellor of the Exchequer

9.V.2010

Commission:

Mr Olli REHN

Member

Other participants:

Mr Lucas PAPADEMOS

Mr Philippe MAYSTADT

Mr Thomas WIESER

Mr Lorenzo CODOGNO

Vice-President of the European Central Bank

President of the European Investment Bank

Chairman of the Economic and Financial Committee

Chairman of the Economic Policy Committee

9596/10 (Presse 108)

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ITEMS DEBATED

9.V.2010

EUROPEAN STABILISATION MECHANISM TO PRESERVE FINANCIAL STABILITY

The Council adopted the following conclusions:

"The Council and the Member States have decided today on a comprehensive package of measures

to preserve financial stability in Europe, including a European Financial Stabilisation mechanism

with a total volume of up to € 500 billion.

In the wake of the crisis in Greece, the situation in financial markets is fragile and there was a risk

of contagion which we needed to address. We have therefore taken the final steps of the support

package for Greece, the establishment of a European stabilisation mechanism and a strong

commitment to accelerated fiscal consolidation, where warranted.

First, following the successful conclusion of procedures in euro area Member States and the

meeting of euro area Heads of State or Government, the way has been cleared for the

implementation of the support package for Greece. The Commission has signed today, on behalf of

the euro area Member States, the loan agreement with Greece and the first disbursement will

proceed, as planned, before 19 May. The Council strongly supports the ambitious and realistic

consolidation and reform programme of the Greek government.

Second, the Council is strongly committed to ensure fiscal sustainability and enhanced economic

growth in all Member States and therefore agrees that plans for fiscal consolidation and structural

reforms will be accelerated, where warranted. We therefore welcome and strongly support the

commitment of Portugal and Spain to take significant additional consolidation measures in 2010

and 2011 and present them to the 18 May ECOFIN Council. The adequacy of such measures will be

assessed by the Commission in June in the context of the excessive deficit procedure. The Council

also welcomes the commitment to announce by the 18 May ECOFIN Council structural reform

measures aimed at enhancing growth performance and thus indirectly fiscal sustainability

henceforth.

Third, we have decided to establish a European stabilisation mechanism. The mechanism is based

on Art. 122.2 of the Treaty and an intergovernmental agreement of euro area Member States. Its

activation is subject to strong conditionality, in the context of a joint EU/IMF support, and will be

on terms and conditions similar to the IMF.

9596/10 (Presse 108)

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9.V.2010

Art. 122.2 of the Treaty foresees financial support for Member States in difficulties caused by

exceptional circumstances beyond Member States’ control. We are facing such exceptional

circumstance today and the mechanism will stay in place as long as needed to safeguard financial

stability. A volume of up to € 60 billion is foreseen and activation is subject to strong

conditionality, in the context of a joint EU/IMF support, and will be on terms and conditions similar

to the IMF. The mechanism will operate without prejudice to the existing facility providing medium

term financial assistance for non euro area Member States' balance of payments.

In addition, euro area Member States stand ready to complement such resources through a Special

Purpose Vehicle that is guaranteed on a pro rata basis by participating Member States in a

coordinated manner and that will expire after three years, respecting their national constitutional

requirements, up to a volume of € 440 billion. The IMF will participate in financing arrangements

and is expected to provide at least half as much as the EU contribution through its usual facilities in

line with the recent European programmes.

At the same time, the EU will urgently start working on the necessary reforms to complement the

existing framework to ensure fiscal sustainability in the euro area, notably based on the

Commission Communication to be adopted on 12 May 2010. We underline the importance that we

attach to strengthening fiscal discipline and establishing a permanent crisis resolution framework.

We underlined the need to make rapid progress on financial market regulation and supervision, in

particular with regard to derivative markets and the role of rating agencies. Furthermore, we need to

continue to work on other initiatives, such as the stability fee, which aim at ensuring that the

financial sector shall in future bear its share of burden in case of a crisis, also exploring the

possibility of a global transaction tax. We also agreed to speed up work on crisis management and

resolution.

We also reiterate the support of the euro area Member States to the ECB in its action to ensure the

stability to the euro area. "

The Council also adopted a regulation establishing a European financial stabilisation mechanism.

In addition, the representatives of the governments of the euro area member states adopted a

decision to commit to provide assistance through a Special Purpose Vehicle that is guaranteed on a

pro rata basis by participating member states in a coordinated manner and that will expire after three

years, up to 440 billion euros, in accordance with their share in the paid-up capital of the European

Central Bank and pursuant to their national constitutional requirements.

The representatives of the governments of the 27 EU member states adopted a decision whereby the

Commission will be allowed to be tasked by the euro area member states in this context.

9596/10 (Presse 108)

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OTHER ITEMS APPROVED

None

9.V.2010

9596/10 (Presse 108)