EU Calls for Coordinated Approach to Strengthen Banks

Today, the Commission has presented a roadmap outlining the comprehensive response that is needed to
restore confidence in the Euro area and the European Union as a whole. This response is designed to break the vicious circle between doubts over the sustainability of sovereign debt, the stability of the banking system and the European Union’s growth prospects’.

Delivering on the commitments made in President Barroso’s State of the Union Address, the Commission outlines five areas of action that are interdependent and need to be implemented together and as quickly as possible. The five areas are: a decisive response to the problems in Greece; enhancing the euro
area’s backstops against the crisis; a coordinated approach to strengthen Europe’s banks; frontloading stability and growth enhancing policies, and building robust and integrated economic
governance for the future.

President Barroso said, “This roadmap charts Europe’s way out of the economic crisis. Reactive and piecemeal responses to different aspects of the crisis are no longer sufficient. We now
need to get ahead of the curve. Confidence can be restored through an immediate deployment of all the elements needed to solve the crisis. Only in this way we will be able to convince our citizens, our global partners and the markets that we have the solutions that measure up to the challenges all economies
are facing. We need to reach agreement at the European Council on the 23rd October”.

Bloomberg

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