ECB takes note of decision on Greek referendum and the non-prolongation of the EU adjustment programme ECB will work closely with Bank of Greece to maintain financial stability Emergency liquidity assistance maintained at Friday’s (26 June 2015) level Governing Council stands ready to review decision Governing Council closely monitoring situation and potential implications for monetary policy stance The Governing Council of the European Central Bank today welcomed the commitment by ministers from euro area Member States to take all necessary measures to further improve...

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On 26 June the Greek authorities decided to reject the proposals by the institutions (the European Commission, the European Central Bank and the International Monetary Fund) for Greece's reforms plan. The plan, which has been negotiated since February, is a precondition to unlocking the remaining financial assistance for Greece under the current arrangement. The Greek government decided to call for a referendum on these proposals. It is expected to take place on Sunday, 5 July 2015, after the expiration date...

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The European Economic and Social Committee (EESC) welcomes the endorsement made today by the Heads of State or government at the European Council of the so-called 5 Presidents' Report on "Completing Europe's Economic and Monetary Union".  Political will has now to deliver on citizens' expectations for growth and jobs, says the EESC. Today's move is a strong signal of support for more integration – and therefore stability – in the Eurozone and a push for increased trust between Members...

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WASHINGTON, DC — Yesterday, in a bipartisan vote, the Senate passed legislation establishing trade promotion authority (TPA). This action follows House passage last week, and the bill will now head to the president for his signature. In response, House Ways and Means Committee Chairman Paul Ryan (R-WI) issued the following statement. “Years of hard work have finally paid off. This is a win for our economy, for our national security, for government accountability, and for American leadership. With TPA in...

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The €315-billion “Juncker” investment plan, announced by the European Commission last November to encourage the financing of viable investments in Europe, was backed by the European Parliament in a vote on Wednesday. Parliament modified its financing structure, won a say in selecting its leadership and ensured more democratic oversight in negotiations with the Council. Parliament approved the fund’s rules by 464 votes to 131 with 19 abstentions. The vote marks the end of a rapid legislative process, demonstrating Parliament's...

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Mr President, Honourable Members, Let me first express my gratitude to this House, the European Parliament, and especially to Presidents Gualtieri and Arthuis, and of course the two co-rapporteurs Mr Bullman and Mr Fernandes, for your excellent support, for your excellent work on this very specific and important file. I also want to thank the other Rapporteurs who were working on this issue. Mr President, I have to say that these people were very tough negotiators, but also very result-oriented negotiators....

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ECB: Roadmap for the future of the Economic and Monetary Union Presidents of five EU institutions publish report on strengthening EMU Report to be presented to European Council on Thursday ECB President Mario Draghi calls for a quantum leap in integration The presidents of five European institutions today publish a report entitled “Completing Europe’s Economic and Monetary Union,” commissioned by leaders at the Euro Summit last October. The report, written by the presidents of the European Council, the European Commission, the European Parliament,...

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I called this summit to put an end to the dangerous uncertainty and to avoid the worst case scenario which means chaotic and uncontrollable Graccident. To do that, I wanted to achieve two things. First, I wanted to inject new dynamism into the negotiations that have been stalled for too long. With the Greek proposal today, I believe that we have taken that step. Second, to make sure that all leaders are on the same political page, that all...

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Brussels, 22 June 2015 --  Today, the five Presidents – European Commission President Jean-Claude Juncker, together with the President of the Euro Summit, Donald Tusk, the President of the Eurogroup, Jeroen Dijsselbloem, the President of the European Central Bank, Mario Draghi, and the President of the European Parliament, Martin Schulz – have revealed ambitious plans on how to deepen the Economic and Monetary Union (EMU) as of 1 July 2015 and how to complete it by latest 2025. To turn...

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Banking structural reform The Council agreed its negotiating stance on structural measures to improve the resilience of EU credit institutions The proposal is aimed at strengthening financial stability by protecting the deposit-taking business of the largest and most complex EU banks from potentially risky trading activities. It applies to banks that are either deemed of global systemic importance or exceed certain thresholds in terms of trading activity or absolute size. Despite recent regulatory reforms in the banking sector, these credit institutions and...

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