As for the economic situation, European leaders acknowledge that the war in Ukraine is fueling high world prices for energy, commodities and food and increasing uncertainty.
The exit of Greece from enhanced surveillance regime welcomes the Summit in its statement on the euro.
“We welcome the expected end of the enhanced supervisory framework for Greece, which will be an important milestone for Greece’s sustainable development, financial stability and continued fiscal responsibility,” it said.
As for the economic situation, European leaders acknowledge that the war in Ukraine is triggering high world prices energy, commodities and food and increases uncertainty. These factors are holding back growth and intensifying inflationary pressures globally, but European leaders are reassuring that “our economies remain fundamentally strong due to our important policy actions at EU, euro area and national level”.
“We remain united and unwavering in our determination to strengthen the resilience of our economies. In view of the letter from the President of the Eurogroup of 21 June 2022, we call on the Eurogroup to keep a close eye on economic developments. “We will continue to have well-coordinated, decisive and flexible reactions.”
The statement of the Summit on the euro in detail
Declaration of the Euro Summit (enlarged sitting)
1. We discussed the financial situation. Russia’s aggressive war against Ukraine sparks high world prices for energy, commodities and
and increases uncertainty; these factors are holding back growth and intensifying inflationary pressures worldwide.
2. Our economies remain fundamentally strong due to our important policy actions at EU, euro area and national level. We remain united and
with unwavering determination to strengthen the resilience of our economies. Having regard to the letter from the President of the Eurogroup of 21 June
2022, we call on the Eurogroup to monitor economic developments closely. We will continue to be well coordinated, determined and flexible
reactions.
3. The existence of a strong European financial system is crucial for attracting sustainable investment, supporting innovation, strengthening
resilience and support for robust growth. Hence,
(a) We welcome the Eurogroup statement on the future of the Banking Union, which provides as an immediate step that work for the Banking Union should focus on strengthening the common framework for managing banking crises and national deposit-guarantee schemes. We call on the Commission to submit legislative proposals to complete the strengthening of the framework before the end of the current institutional cycle;
(b) Welcomes the commitment of the Eurogroup in an enlarged composition to subsequently identify, by consensus, possible further measures with regard to the other
pending data on strengthening and completing the Banking Union;
(c) call for the intensification of efforts to deepen the Hellenic Capital Markets Association;
(d) welcome, in this context, the progress made in the legislative work aimed at promoting long-term investment in
European Union, the adjustment of prudential rules in the banking and insurance sector, the protection of financial transactions from cyber threats and criminal threats, the regulation of the digital financial sector and the fight against money laundering.
4. We welcome the expected end of the enhanced surveillance framework for Greece, which will be an important milestone for sustainable development, financial
stability and the ongoing fiscal responsibility of Greece.
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