In its communication to the European Council summit on 19-20 March, the European Commission sets out proposals for coordinated European action to fight the economic crisis.
Regarding the financial system, the Commission endorses – and asks EU leaders to endorse – the key principles set out by the de Larosière Group.
In terms of the support for the real economy, an annexe summarises 500 national measures and concludes that they are broadly in line with the principles that recovery action should be timely, targeted and temporary. The Commission calls on EU leaders to endorse clear principles for further action, in line with the single market, with open trade worldwide, with building a low carbon economy and with returning to sustainable public finances as soon as possible.
According to the EC The EU should make a united push to improve the global financial and regulatory system, focusing on:
• better transparency and accountability;
• appropriate regulation of all financial actors;
• tackling difficulties caused by uncooperative jurisdictions;
• boosting international supervisory cooperation;
• and reforming the IMF, Financial Stability Forum and World Bank.