EU summit June 2012
On 28 and 29 June 2012 took place in Brussels , Belgium A, EU summit instead. It was chaired by the Belgian Herman Van Rompuy , President of the European Council .
subjects
The main topics of the meeting were negotiations on a growth package worth 120 billion and the creation of a banking union . The Italian Prime Minister Mario Monti and his Spanish counterpart Mariano Rajoy had pushed through more concessions for their economically troubled countries than had been expected. The two countries had the summit by the blockade of the 120 billion euros imposed heavy growth package, so as to achieve faster access to aid. After lengthy negotiations, the heads of state and government agreed on easier access to the ESM euro rescue fund . The Luxembourg Prime Minister and Euro Group boss Jean-Claude Juncker finally announced that Italy and Spain had given up their blockade against the growth pact.
In future, in addition to direct bank aid, it should also be possible to buy up government bonds from member states willing to reform. It was in favor of an effective and uniform supervisory mechanism involving the European Central Bank (ECB). Furthermore, the European Stability Mechanism (ESM) should be able to provide ailing banks directly with financial injections. The requirements for the ESM and the former EFSF rescue fund should be eased in order to be able to buy government bonds from euro countries that have to pay high interest rates despite meeting the EU budget .
Countries that had complied with Brussels' austerity and reform commitments were given easier access to the rescue packages , which was not linked to additional requirements, but only to a deadline. Particularly on the German side, care was taken to ensure that the aid came from the EFSF and ESM in accordance with the existing rules and not from new measures.
In the future, banks should be able to be recapitalized directly from the ESM rescue fund. Emergency loans, which would have further increased the national debt of the euro countries, should be prevented and interest rates on government bonds should be reduced. The grant should be linked to "reasonable conditions". Efficient supervision at European level was a declared prerequisite for direct bank assistance from the ESM. The summit participants commissioned the EU Commission to develop a proposal for a corresponding mechanism involving the European Central Bank (ECB). The rescue program already promised for the Spanish banks should be decided as soon as possible. Contrary to what was planned, the loans from the euro partners should not have priority over loans from private creditors if the money came from the ESM. In this way, private investors should be able to lend money to the affected countries.
In addition to plans for a banking union, the idea of a fiscal union and a political union was discussed. However, the summit participants remained undecided on this point. Concrete content should not be discussed until another summit in October . The EU Council said it wanted to take a final decision by the end of the year.
After the negotiations were concluded, the summit participants gave positive feedback. The German Chancellor Angela Merkel declared that the “ philosophy that there is no service without consideration has remained true to”. Monti spoke of a “very important deal for the future of the EU and the euro zone ” and French President François Hollande emphasized: “We moved together. The best way to move others is to move yourself. "
Individual evidence
- ↑ a b c Movers in constant motion. The winners. faz.net, June 29, 2012, accessed October 17, 2019 .
- ↑ a b Asset managers remain skeptical. "Merkel has given in". faz.net, June 29, 2012, accessed October 17, 2019 .
- ↑ a b Merkel comes far to meet Italy and Spain. Negotiation success for Rajoy and Monti. sueddeutsche.de, June 29, 2012, accessed on October 17, 2019 .
- ↑ a b c The night in which Merkel lost. Big resolutions. spiegel.de, June 29, 2012, accessed October 17, 2019 .