Brussels European Council – Presidency Conclusions, December 2008

Sectors : Economic governance and public finance management, Financial Institutions, markets, services and microfinance
Organisation : EU
Date made: 
2008
Level: 
Heads of State
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Commitments in: Governance - Economic governance and public finance management

“The European Council expressed its resolve to act in a concerted and comprehensive manner to protect the European financial system and depositors.”

Scope: 
International

“1. Faced with the financial crisis, the European Council affirms that it is determined to take coordinated and thorough action to restore the smooth running of the financial system, thus ensuring the normal and effective financing of the economy and returning to the path towards growth and employment ... 4. The European Council reaffirms its commitment that in all circumstances the necessary measures will be taken to preserve the stability of the financial system, to support the major financial institutions, to avoid bankruptcies and to protect savers' deposits.”

Scope: 
International

“12. The European Union must work with its international partners on a genuine, all encompassing reform of the international financial system based on the principles of transparency, sound banking, responsibility, integrity and world governance. The aim is to take early decisions on transparency, global standards of regulation, cross-border supervision and crisis management, to avoid conflicts of interest and to create an early warning system, so as to engender confidence among savers and investors in every country. The Union will quickly take appropriate initiatives in consultation with its main partners and the relevant international financial institutions. These initiatives will be carefully prepared within the EU.”

Scope: 
International