EU President “welcomes” decisions to help ease markets

European Council head Herman Van Rompuy has expressed his support for measures taken over the weekend to help counteract tension in financial markets as concerns mount over Italy and Spain’s debt levels, in addition to Greece, Portugal and Ireland.

In a statement issued on Twitter, he said:

“I welcome the decisions taken over the weekend in Europe both at national level, in Italy and Spain to strengthen fiscal discipline and growth, and by the ECB regarding the active implementation of its Securities Markets Programme.

“These decisions will contribute to financial stability in the euro area. I also welcome the close cooperation at the global level of the G7 and the G20 to deal with the current challenges both the euro area and the US are facing.”

Commitment by individual EU Member States to extending the European Financial Stability Facility (EFSF), lengthening the maturity of Greece’s debts and making loans less penalising on peripheral states meanwhile “heartened” the EU leader.

“I am heartened by the determination of all Heads of State and Government of the euro area to implement as a matter of priority all the decisions taken by the 21 July Summit.

“The early convening of a number of national parliaments confirms their determination. The urgent approval inter alia of our decisions on making the EFSF more efficient and more flexible is decisive to restore market confidence.

Van Rompuy added he has been speaking with fellow European policymakers as the sovereign debt crisis has taken a more dramatic turn in recent weeks.

“In the wake of the 21 July Euro Summit I have been in constant contact with the President of the ECB, the President of the Eurogroup, and most directly concerned Euro area colleagues. I will continue to remain in close consultation with all euro area member states and EU institutions to ensure that the implementation of our decisions remains fully on time and on track.”

ABOUT THE AUTHOR
Luisa Porritt
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