This document is an excerpt from the EUR-Lex website
Driving European recovery
SUMMARY OF:
European Commission communication (COM(2009) 114 final) - Driving European recovery
WHAT DOES THIS EUROPEAN COMMISSION COMMUNICATION DO?
It sets out a series of measures to be taken to trigger a recovery in the European Union (EU) following the financial crisis which started in summer 2007 and intensified in late 2008.
KEY POINTS
The communication presents an ambitious programme which aims at:
Restoring and maintaining the stability of the financial sector
The report, presented by the De Larosière Group (pdf), makes supervision the cornerstone of a stable financial system.
The European Commission intends to establish a supervisory framework to detect potential risks related to financial markets early on by means of:
Security also had to be an integral part of future European regulations. To this end, the Commission made plans for:
With the aim of rebuilding the confidence of European investors, consumers and small- and medium-sized enterprises in their economies, their access to credit and their rights as concerns financial products, the Commission seeks to take action in the following areas:
The remuneration of employees in the financial sector and its directors is also under consideration through a package of legislative proposals which aim at submitting them to prudential oversight.
Lastly, a harmonised system of sanctions was to be introduced in order to prevent market abuse.
Supporting the real economy
The EU's single market should continue to be the motor behind its economic and social prosperity in the EU. To this end, EU countries should increase their support for the real economy by implementing the following principles:
Supporting the population
The crisis has also had negative consequences on the labour market and has accentuated problems of unemployment and social exclusion. In order to combat these issues, the Commission invited EU countries to initiate action in the following areas:
BACKGROUND
Part of this communication was proposed in preparation for the G20 summit in London (April 2009). The following proposals were made with the aim of mitigating the deficiencies of the global economy caused by the crisis:
ACT
Communication for the spring European Council - Driving European recovery - Volume 1 (COM(2009) 114 final of 4 March 2009)
last update 08.05.2016