Fiscal stability 'key priority' for EU states
Wednesday 16 February 2011 - by Andrew Hickley
European parliamentarians have called for fiscal stability and strong public finances as a "key priority" in the wake of a deal on the EU's â‚¬500bn ($676bn) bailout mechanism.
Juncker said: "We've already agreed on the volume of the lending capacity of the ESM. We've agreed on the amount of â‚¬500bn, and this will be subject to regular revision."
However he cautioned that "nothing is agreed until everything is agreed" on the future of the bailout facility, with agreements expected to be finalised at a meeting in March.
EU Commissioner Olli Rehn said that there is an "unwritten understanding" that the International Monetary Fund would commit 50 cents for every euro spent through the ESM by eurozone countries, implying a figure of around â‚¬250bn ($338bn) will be contributed.
It was also announced at the Ecofin meeting that Peter Praet, director of the National Bank of Belgium, will take up a seat on the European Central Bank's executive board after being unanimously voted in.
He will replace Austrian Gertrude Tumpel-Gugerell, the only female member of the board, when her term expires at the end of May.
|Login||Register||Most read||Most commented|
Will markets in 2012 have a tougher time than 2011?