| Author (Person) | Willman, John |
|---|---|
| Series Title | Financial Times |
| Series Details | 14.10.08 |
| Publication Date | 14/10/2008 |
| Content Type | News |
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European governments pledged on the 13 October 2008 a total of €1,873bn ($2,546, £1,465) as part of co-ordinated plans to shore up their financial sectors, sparking sharp rallies across the continent’s stock markets. The fifteen eurozone countries outlined a common strategy to inject fresh capital into their ailing banking sectors in a move which broadly replicated a blueprint presented the previous week by UK Prime Minister Gordon Brown. Howeverm commentators noted that big changes would be in store for European banks after the latest round of bailouts were announced. In the long term, it could mean more EU-wide regulation. Meanwhile, the European Commission published 13 October 2008 guidance on how Member States can best support financial institutions in the current financial crisis whilst respecting EU state aid rules and so avoiding excessive distortions of competition. The guidance is based in particular on EC Treaty rules allowing for aid to remedy a serious disturbance in the economy of a Member State (Article 87.3.b of the EC Treaty). |
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| Subject Categories | Business and Industry, Internal Markets |
| Countries / Regions | Europe |
