European Union leaders meeting in Brussels yesterday and today took decisive measures to safeguard financial stability, restore confidence and revive economic growth. Leaders agreed that the European Stability Mechanism could recapitalize banks directly as soon as a EU-wide single banking supervisor will be in place. The existing firewalls will be used in a flexible and efficient manner to stabilize markets for Member States complying with the fiscal and economic policy rules, guidelines and recommendations. A "Compact for Growth and Jobs" will...

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Commissioner Barnier welcomes the European Council's agreement on the seat of the Unified Patent Court – the final element in the patent package "I am pleased that the Member States have reached the long-awaited agreement allowing for the achievement of our initiative on the European unitary patent. The compromise reached today is a decisive step towards the creation of a unitary patent and a common patent court in Europe. The reform will create a simpler application process and considerably reduce the...

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Investors express “cautious confidence” in Europe’s future attractiveness La Baule, France, 20 June 2012 – Despite the fragility of the Eurozone economy, inward investment continued to rise in Europe in 2011 with the total number of projects significantly higher than pre-crisis levels, according to Ernst & Young’s 10th annual European Attractiveness Survey. This report combines an analysis of international investment into Europe over the last year with a survey of more than 800 global executives on their views about how...

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Ahead of European Union leaders meeting in Brussels this week (June 28-29), the EU institutions today presented a proposal which outlines a blueprint for a single European banking supervision, a common deposit insurance and resolution framework, and further budgetary and economic integration among EU Member States. The report, drawn up by European Council President Herman Van Rompuy, European Commission President José Manuel Barroso, Eurogroup President Jean-Claude Juncker and European Central Bank President Mario Draghi, proposes to move over the next...

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A new report by the EU-U.S. High Level Working Group on Jobs and Growth highlights opportunities to deepen and broaden the transatlantic trade relationship.   Leaders on both sides of the Atlantic welcomed the interim report, noting that bold initiatives to expand trade and investment could significantly contribute to their jobs and growth strategy. "We are encouraged by the Report's analysis of the benefits of an ambitious and comprehensive market opening arrangement for agricultural and manufactured goods, services and investment, the identification...

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European Council President Herman Van Rompuy and European Commission President José Manuel Barroso welcomed the strong resolve shown by G20 leaders to promote growth and jobs and their commitment to fully and speedily implement financial reform and build a more responsible and solid international financial sector. In their joint statement following the G20 Summit in Los Cabos, President Van Rompuy and President Barroso also noted that G20 leaders recognized the value of the European project and the Euro. "They welcomed the...

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The German Central Bank provided the EACC New York with a speech by Dr. Andreas Dombret Member of the Executive Board of the Deutsche Bundesbank on the present state of the euro area sovereign debt crisis. (click link to download the complete speech) The speech was delivered at the Bank of America Merrill Lynch Global Macro Conference in London on 12 June 2012.

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