Eurozone boosts rescue fund to €700bn

EU economy and finance ministers and central bank governors met on 30-31 March 2012 in Copenhagen for an Informal ECOFIN meeting. They discussed the economic and financial stability outlook, the strategy for dealing with the economic crisis, the strengthening of financial sector regulation and the EU multiannual budgetary framework (for reports of meeting see separate record).

Eurozone finance ministers agreed to enlarge their fiscal bailout system to €700bn, a 40% increase that officials hoped would prevent instability on Europe’s periphery from spreading to healthier economies.

European Commission: Speech/12/250: Olli Rehn: Comments at the Informal Ecofin Council http://europa.eu/rapid/pressReleasesAction.do?reference=SPEECH/12/250&format=HTML&aged=0&language=EN&guiLanguage=en

ESO: Background information: Merkel set to allow firewall to rise / Eurozone plan to hold €240bn in reserve http://www.europeansources.info/record/merkel-set-to-allow-firewall-to-rise-eurozone-plan-to-hold-e240bn-in-reserve/

EurActiv, 30.3.12: Eurozone agrees temporary boost to rescue fund http://www.euractiv.com/euro-finance/euro-zone-agrees-temporary-boost-rescue-fund-news-511883

Deutsche Welle, 30.3.12: The trillion-euro game http://www.dw.de/dw/article/0,,15850684,00.html

BBC News, 30.3.12: Eurozone ministers boost firewall to $1tn http://www.bbc.co.uk/news/business-17560077

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