22 June 2012

ECOFIN: EU’s finance and economy ministers adopt recommendations for all 27 EU Member States

Today EU’s economy and finance ministers adopted opinions and country-specific recommendations regarding economic policy for all EU Member States. The recommendations are the last step in the implementation of the new EU rules for economic governance during the Danish presidency and it is an important part of the EU’s crisis management strategy. The recommendations identify key economic challenges in each individual member state and possible solutions. The recommendations will be finally approved on the EU Summit on 28-29 June.

Minister for Economic Affairs and the Interior, Margrethe Vestager, said:

“Our aim is to get out of the crisis and boost growth and job creation. Today we agreed on recommendations for all Member States for sound economic policy. We must ensure balance between revenues and expenditures, and we must implement reforms to get more people into employment and address economic imbalances such as problems with competitiveness, banks etc. The next step is for all countries go home and put the recommendations into practice – it’s important that each country takes responsibility for ensuring sound economic policy. We collectively agree on all the recommendations because each country affects the other countries. For example jobs in Denmark also depend on other European countries pursuing sound economic policy.”

The ministers also had the opportunity to touch upon the status on recent decisions and negotiations on financial regulation, which is an important prerequisite for a healthy banking sector. Ms Vestager, said: “The Danish Presidency has worked hard to create stronger regulation of the financial sector and we have reached agreement in the Council on new capital requirements for banks and regulation of trade with derivatives among others. The point of all this financial regulation is to create a healthy banking sector ensuring sound financing of economic activity. Healthy banks are a prerequisite for high levels of employment throughout the economy." 

Press release

Council results

Country-specific recommendations

© European Council