EU agrees common action on banks crisis

At an Ecofin Council, Luxembourg, 7 October 2008 European Union governments sought to put aside their differences on how to stop the financial whirlwind sweeping through Europe and announced agreement on a set of principles for rescuing troubled banks.

The Finance Ministers met amid rising anxiety in financial markets about the EU’s inability in recent weeks to forge a coherent response to the havoc threatening the foundations of Europe’s banking system.

France24, 7.10.08: http://www.france24.com/en/20081007-finance-ministers-united-approach-financial-crisis-EU-europe-lagarde&navi=EUROPE http://www.france24.com/en/20081007-finance-ministers-united-approach-financial-crisis-EU-europe-lagarde&navi=EUROPE

Deutsche Welle, 6.10.08: European Leaders Commit to Tackling Financial Crisis http://www.dw-world.de/dw/article/0,2144,3694313,00.html

Council of the European Union: Press Release, PRES/08/284 (7.10.08): Immediate responses to financial turmoil: Council Conclusions - Ecofin Council of 7 October 2008 http://www.consilium.europa.eu/ueDocs/cms_Data/docs/pressData/en/misc/103202.pdf

Council of the European Union: Press Release, 7.10.08: Council Conclusions on on financial stability and financial supervision http://www.consilium.europa.eu/ueDocs/cms_Data/docs/pressData/en/ecofin/103207.pdf

Council of the European Union: Press Release, 7.10.08: Council Conclusions on executive pay http://www.consilium.europa.eu/ueDocs/cms_Data/docs/pressData/en/ecofin/103205.pdf

BBC News, 7.10.08: EU moves to reassure bank savers http://news.bbc.co.uk/1/hi/business/7656064.stm

ESO: Background information: EU leaders vow to use any measures necessary / EU resists plan for bail-out fund http://www.europeansources.info/record/eu-leaders-vow-to-use-any-measures-necessary-eu-resists-plan-for-bail-out-fund/

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