On Financial Markets, the Heads of State or Government reviewed the economic and financial situation, in light of the recent developments triggered by the subprime mortgage market in the United States. They emphasised that macroeconomic fundamentals in the EU are strong and that sustained economic growth is expected. Furthermore, they encouraged the Finance Ministers, the European Commission and the ECB to continue to monitor closely developments in financial markets and the economy.
The Heads of State or Government also noted that the EU regulatory and supervisory framework has generally proved effective, but acknowledged the need to keep pace with the increasing sophistication of financial markets. Therefore, they fully endorse the Council's work programme aimed at, alongside the EU's international partners, improving transparency, valuation processes and risk management in financial markets.
Presidency Press Release
© Council of the European Union
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