EZ Euro Summit

We discussed the economic and financial situation. Economic activity is subdued in the near term. With inflation on a declining path supporting real incomes, the conditions are in place for a gradual recovery going forward. We remain united in our steadfast determination to increase the resilience and competitiveness of our economies. 2. We invite the Eurogroup to closely monitor economic and fiscal developments. Continued close coordination of our economic policies will be instrumental to the consistent and effective implementation ...

LUXEMBOURG’S PM BETTEL: LAGARDE TOLD LEADERS EUROPEAN BANKING SYSTEM IS ROBUST ECB'S LAGARDE TOLD EU LEADERS RECENT DEVELOPMENTS WERE A REMINDER HOW IMPORTANT IT HAS BEEN TO CONTINUOUSLY IMPROVE REGULATORY STANDARDS ECB'S LAGARDE TOLD EU LEADERS EURO AREA BANKING SECTOR IS RESILIENT BECAUSE IT HAS STRONG CAPITAL AND LIQUIDITY POSITIONS - EU OFFICIALS ECB'S PRESIDENT LAGARDE TOLD EU LEADERS THERE IS NO TRADE-OFF BETWEEN PRICE STABILITY AND FINANCIAL STABILITY; THE EUROPEAN CENTRAL BANK HAS POWERS TO MANAGE BOTH - EU OFFICIALS. ECB'S PRESIDENT LAGARDE TOLD EU LEADERS IF NECESSARY, THE ECB IS FULLY PREPARED TO PROVIDE LIQUIDITY TO THE EUROZONE FINANCIAL SYSTEM.

Polish Deputy Prime Minister Jaroslaw Gowin said that Poland and Hungary agreed on a compromise with Germany to unblock the European Union’s $2.2 trillion budget and stimulus plan. The Polish zloty and Hungarian forint extended gains against the euro after the announcement. Poland and Hungary had vetoed the massive funding plan over objections to tying funding to the adherence to the rule of law. The breakthrough happened the day before a critical EU summit of leaders. At stake for the pair was another round of massive EU aid in ...

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