The heads of State do not extend to speak of economic government

As early as Friday evening, the heads of State and Government of the euro area had sounded the general mobilization. "All the institutions of the euro area (Council, Commission and European Central Bank) and all the Member States of the euro area agreed to make use of all available means to ensure the stability of the euro area", had they warned in their joint statement. It is an arsenal of measures which should now respond today, attacks against the currency markets.

Funding to countries in difficulty

The lighthouse should be the creation of a "European stabilisation mechanism". One of the options would be to staff a budget unprecedented EUR 600 billion, including 60 billion would be provided by the Commission, 440 billion by Member States bilateral loans and 100 billion by the IMF. This proposal would put on the table by the Germany and the Ministers appeared to be engaged in a race against time to reach an agreement likely to reassure the markets before the opening of the first exchanges in the Asia-Pacific region.

Strengthening economic governance

Eurozone leaders decided to "strengthen economic surveillance and policy coordination in the euro area, including closely following the debt levels and the evolution of competitiveness", two criteria to which the indicator of public deficits, today all powerful, will have to make room. Taking account of the differences in competitiveness between countries is a novelty. The heads of State do not extend to speak of economic government. It is nevertheless a concession of the Germany, long hostile to such progress.

European Central Bank intervention

Nicolas Sarkozy would have wished, Friday, that the text be more specific on the subject, but it fell to a refusal of Angela Merkel, who invoked the sacrosanct independence of the ECB.

Sanctions to the lax countries égarddes

At the request of the Germany, the sixteen decided to create "more effective sanctions" against the countries of the euro area which would spin their deficits. Berlin including would deprive them of some Community aid and their rights to vote in the Council. They also promised to respect their own commitments to reducing deficits. "The sanitation of public finances is a priority for all of us", they provide. The European Ministers of finance will develop a first report no later than end of June.

The Greece assistance

The heads of State and Government of the euro zone endorsed the euro zone and the IMF rescue plan to the Greece: 110 billion euros in total, of which 80 billion made by the 15 other countries in the euro area.

Regulation of markets

Priority is given to the transparency in the markets of products, in the framework of the financial rating agencies as well as the establishment of a framework for the management and resolution of financial crises including a "contribution équita wheat and substantial sector" for the costs they generate. "It is appropriate to accelerate the work intended to evaluate whether additional measures are necessary in view of the speculative attacks that have been sovereign debtors", believe the sixteen. The European Council will take stock of the subject as early as June.