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  • José Manuel Durão Barroso President Of The European Commission Joint Press Conference/Brussels 29 June 2012

    Date 29/06/2012

    The President of the European Council presented in a very detailed way our decisions. I will not repeat of course its comments. Let me just underline that this is indeed a very important set of conclusions because it shows substantial commitment to further action. As you know before this European Council and this euro area summit we mentioned that it would be important to have decisions on growth and we have taken these decisions today but also decisions for the future of the European Economic and Monetary Union and if possible also the possibility of some short term stabilization measures. And we have indeed achieved that. Because not only the leaders of the European Union Member States have generally agreed to pursue the work that has been prepared by the President of the European Council together with me, the President of the Eurogroup and the President of the ECB in terms of the genuine EMU but already today a fundamental decision was taken by the euro area. And this decision is no more than to have a single supervisory mechanism for the euro area. In fact one of the points that was highlighted in that report: the need to have an integrated supervision for the euro area and in fact the Commission will make appropriate proposals as a matter of urgency. We'll deliver swiftly a proposal for a supervisory mechanism for the euro area in accordance with Article 127(6). Of course this means that the ECB will be fully able to play its part in this euro area financial supervision. But not only we have taken this very important decision on the euro area level but also there are other measures that are now possible in terms of short term stabilization for some countries that are now feeling special pressure and there is concrete reference here to the case of Spain. A memorandum of understanding that we hope that will be now concluded as a matter of urgency for the financial support for the recapitalization of the Spanish banking sector with an important decision that is that when the ESM becomes available, this financial assistance that is now going to be provided by the EFSF will be transferred to the ESM, without gaining seniority status. This was in fact one of the main points in terms of market confidence in this operation and also some other decisions that are possible for other countries that are fully complying with the country specific recommendations and also the European Semester, the Stability and Growth Pact and the Macroeconomic Imbalances Procedure.

  • Hong Kong's Securities And Futures Commission: Approval Of Mainland-Traded Hong Kong Stock ETFs And Hong Kong-lLsted RQFII A-Share ETF

    Date 29/06/2012

    The Securities and Futures Commission (SFC) welcomes the China Securities Regulatory Commission’s approval today of two exchange-traded funds (ETFs) to be listed on the Shanghai and Shenzhen Stock Exchanges that will invest directly in Hong Kong listed stocks, each tracking a Hong Kong stock index (Hong Kong Stock ETFs). 

  • European Parliament: Tougher Rules Needed On Banker Bonuses - MEP Karas

    Date 29/06/2012

    Extending loans, collecting interest and making a profit for their banks: that's the business of bankers who got richly rewarded for their services in the economic boom leading to the crisis. Too richly, say some, arguing that the possibility of big bonuses led bankers to take excessive risks, which got banks into so much trouble that they had to be bailed out by the taxpayer. Austrian Christian Democrat Othmar Karas says tougher rules on banker bonuses may be a part of the solution.

  • MCX Weekly Market Report June 22, 2012 - June 28, 2012

    Date 29/06/2012

    Please click here to download the MCX Weekly Market Report.

  • José Manuel Durão Barroso President Of The European Commission: Statement By President Barroso At The Intermediary Press Conference At The European Council Press Conference/Brussels 28 June 2012

    Date 29/06/2012

    Good evening,

    This was a very significant first session of the European Council, and since the President of the European Council and the Prime Minister of Denmark as the current presidency of the Council already gave a summary of our work I will not repeat.