Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-01-20-Speech-3-273"
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"en.20100120.16.3-273"2
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"The problem of ensuring that companies have sufficient access to capital and also the actions taken by Member States to that end have been a matter of concern to the Council for some time, as you are aware.
In January last year, the Council observed that the Member States had acted forcefully and decisively to free up the credit markets, amongst other things. In spring, the European Council stated the importance of continuing to apply economic recovery measures and called on the Commission and the Council to evaluate the efficacy of the measures adopted and to report back to the European Council in June.
The June European Council did, in fact, evaluate the efficacy of the measures adopted by the Member States to support the financial sector and the situation with regard to the stability and operation of financial markets. These results were fed back, in the form of a report, to the European Council itself. So the report was passed from the Council, in other words the Council of Ministers, to the European Council. The report was positive, indicating the existence of recapitalisation guarantees and mechanisms within Member States and concluded that Member States had played a crucial role in halting the downward spiral. I would remind you that the whole financial system was in danger of meltdown at the end of 2008.
There were therefore positive repercussions in allowing banks access to global finance, in turn, bolstering the flow of credit to the real economy. The Council appreciated that the measures adopted by the States had been significant in keeping credit channels open.
At the moment, the banking sector is even now under a certain amount of pressure with regard to recapitalisation and the Council therefore called on the Member States to individually recapitalise or restore their balance sheets in order to reduce uncertainty and make it easier to give credit.
By last month – December – the Council could see that Member States had applied a wide range of support measures with the aim of re-establishing financial stability. It underscored, however, that their recovery was still somewhat fragile and called on the Committee of European Banking Supervisors to provide regular information on the amount of capital available for additional borrowing.
We now have a series of measures in place: monitoring by the Council, on the one hand, and guidance from the European Council, on the other. The result has been an improvement, with the European Central Bank understandably acting to ensure bank liquidity, first and foremost, and access to loans by companies."@en1
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