Memo: Preparation of Eurogroup and Economic and Finance Ministers Council, Brussels, 3 and 4 November 2008

Prior to the Eurogroup and Ecofin meetings, the Council troika of present and next two presidencies of the EU plus the Commission and the European Parliament held a meeting on the financial crisis and financial supervision as well as on the EMU@10 Commission report on the first 10 years of Economic and Monetary Union. The main messages of EMU@10 report have gained particular relevance with financial crisis:
The euro and its governance have proved to be major assets.
The fiscal implications of the crisis and the challenges facing Member States with large current account deficits call for a broadening and deepening of EU surveillance.
The economic downturn is making a strong call on the economic resilience of our Member States, and structural reform should therefore remain a priority.
The euro area and EU should continue to speak with one voice in global financial governance fora so as to serve our shared interests.
Joint efforts to enhance the efficacy of EU wide financial regulation and supervision are strongly called for.
The Parliament is expected to adopt a report on EMU@10 on the occasion of the 17-10 November plenary session.