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03 August 2011

Statement by President Barroso on the euro area sovereign bond markets


In a press release today, president Barroso said that developments in the sovereign bond markets of Italy and Spain were a cause of "deep concern".

Barroso went on to say that these developments are clearly unwarranted on the basis of economic and budgetary fundamentals in these two Member States and the steps that they are taking to reinforce those fundamentals. In fact, the tensions in bond markets reflect a growing concern among investors about the systemic capacity of the euro area to respond to the evolving crisis.

Regarding the summit on July 21, he said: "It is essential, therefore, that we move forward rapidly with the implementation of all of that has been agreed by the Heads of State and Government, and send an unambiguous signal of the euro area's resolve to address the sovereign debt crisis with the means commensurate with the gravity of the situation".

He finished by saying: "The necessary technical work to implement the measures agreed on 21 July is already underway and will be completed as a matter of urgency. The Commission services are actively supporting the Member States in this technical work. Implementation of some of these measures will also require actions by national parliaments and today I am writing to the Heads of State and Government urging them to ensure that these actions are taken without delay."

Press release



© European Commission


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