On November 12, the European Commission published a communication document in which it set out a three part approach which it intends to develop into an overall EU recovery action plan/framework designed to take Europe’s financial sector from crisis to recovery.
The Commission considers that the EU and Member States must tackle the next stages of the financial crisis in a united, coordinated manner, turning the challenges presented by the crisis into opportunities. The Commission’s proposed three part approach, which is set out in the communication document, involves:
- the creation of a new financial market architecture at EU level,
- dealing with the impact of the financial crisis on the real economy, and
- a global response to the financial crisis.