EU agrees plan for financial emergency

European Union Finance Ministers meeting at the Ecofin Council in Luxembourg on 13-14 May 2005 agreed on an emergency plan for dealing with a financial crisis. The Memorandum of Understanding will be tested in 2006 with a full-scale simulation of a financial crisis. The agreement aims to ensure an exchange of information about an impending crisis to try to stop it spreading across borders.

Lumembourg: EU President: Press Release, 14.5.05: Memorandum of Understanding on co-operation between the Banking Supervisors, Central Banks and Finance Ministries of the European Union in Financial Crisis situations http://www.eu2005.lu/en/actualites/documents_travail/2005/05/14ecofin_mou/index.html

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