EUROZONE'S info:Crisis key events

December 2011	8 December 2011 At the first working session of the European Council of 8 and 9 December, an agreement was reached on short-term action to overcome the debt crisis and on a new fiscal compact for the euro area. European Council - 8 -9 December 2011 Statement by the Euro Area Heads of State or Government Press conference (video) Arrivals (photos)
October 2011	26 October At the Euro Summit on 26 October 2011, Heads of State and Government of the eurozone put in place a comprehensive strategy aimed at ensuring fiscal consolidation, growth, support to countries in difficulty, and a strengthening of eurozone governance. Informal European Council and Eurozone Summit - 26 October 2011 Main results of the Euro Summit Euro Summit Statement Press conference (video) Meeting (photos)
	23 October The euro area summit will finalise a comprehensive strategy on the Euro area sovereign debt crisis covering a number of interrelated issues. Further elements needed to be addressed: the situation in Greece, bank recapitalisation, and the enhanced efficiency of stabilisation tools (EFSF). Press release of 10 October 2011 Statement of 21 July 2011
September 2011	The EU concludes negotiations on long term reforms based on recommendations by the task force on economic governance, chaired by European Council President Herman Van Rompuy. The aim is to strengthen processes used to ensure sustainable public finances in member states in general, and in the euro area in particular.  This will mitigate the need for financial assistance in future and prevent the recurrence of market pressure on sovereign debt in Europe. The reform, which will enter into force towards the end of 2011, amends the Stability and Growth Pact, which accompanied the creation of the euro. But the difficulties faced by some member states are also of an economic nature, as divergencies in competitiveness exists across the euro area and the EU as a whole. So the reform also strengthens the processes used to avoid the accumulation of macroeconomic imbalances. Laws, rules and procedures Economic governance (Six-pack) (press release)
July 2011	21 July The euro area summit agrees on the outlines of a new assistance programme for Greece.  Despite rigorous reforms of its public finances it has become clear that Greece would need further assistance to ensure the sustainability of its debt. Leaders also decide to reduce the interest rates, lengthen the maturities and increase the flexibility of the EFSF financial assistance, the main instrument currently used. It will thus be possible for the EFSF to provide precautionary credit lines to member states, to finance the recapitalisation of banks through loans to governments, and to buy government bonds on secondary markets. These decisions apply equally to the ESM. Meeting of Eurozone Heads of State or Government - 21 July 2011 Statement Press conference (video) Meeting (photos)
	11 July Euro area member states sign the Treaty for the new, permanent international financial institution, the European Stability Mechanism (ESM).  It will roll the EFSM and the EFSF into one single instrument when it comes into force in 2013. Signature of the Treaty establishing the ESM - 11 July 2010 Text of the ESM treaty Signing ceremony, part 1 (video) Signing ceremony, part 2 (video) Signing ceremony (photos)
April 2011	Ministers decide to provide assistance to Portugal through the EFSF and the EFSM. Informal meeting of the euro area Finance Ministers - 8 April 2010 Statement Press conference (video)
November 2010	Ministers decide to provide assistance to Ireland through the EFSF and the EFSM. Extraordinary ECOFIN Council and Eurogroup - 28 November 2010 Statement Departure and doorstep (video) EcoFin (photos) Eurogroup (photos)
May 2010	Euro area member states decide to support Greece through a mechanism providing bilateral loans in conjunction with the IMF, amounting to € 110 billion.  Together with the IMF the euro area makes the first disbursement through the Greek Loan Facility. Eurogroup statement
	9 May In a joint effort the EU 27 and the euro area decide to create a 500 billion euro package of measures to preserve financial stability in Europe.  Two new, temporary funds are created: - the European Financial Stabilisation Mechanism (EFSM), an EU27 instrument, and - the European Financial Stability Facility (EFSF), the instrument of the euro area. Extraordinary Economic and Financial Affairs Council - 9 May 2010 Press release Press conference (video) Arrivals (photos) Roundtable (photos)
	7 May Emergency euro-area summit.
February 2010	Greece faces increased market pressure on its sovereign debt. Informal meeting of Heads of State or Government - 11 February 2010 Press conference (video) Meeting (photos) In the margin of the Meeting (photos)
2010	The beginning of the EU sovereign debt crisis - the EU must create the instruments to tackle it.
October 2008	The eurogroup successfully heads off a financial meltdown - at the first-ever euro-area summit it is agreed that governments will buy into banks if required in order to boost their finances. The EU then strengthens financial regulations in response to the deficiencies exposed by the crisis.  It is done in line with the priorities set at the G-20 London summit in April 2009. It also initiates an ambitious reform of structures used for the supervision of the financial industry. In June 2009, the European Council decides to create a European Systemic Risk Board to monitor potential threats to stability and three European Supervisory Authorities, covering banking, insurance and securities markets. That reform is now in force. Legal texts of the reform: 39/10, 40/10, 41/10, 42/10, 43/10 and 13694/10
September 2008	Lehman Brothers files for bankruptcy; things take a turn for the worse. In just seven days world stock prices shed more than 20% of their value.
2008	The global financial crisis expands
August 2007	The origin of the global financial crisis "The credit crunch" - the conditions required to obtain loans from banks are tightened spurred by difficulties on the United States sub-prime mortgage loan market.  Around the world, sub-prime mortgage backed securities are found in portfolios of banks and hedge funds. A French investment bank suspends three of its subprime mortgage debt funds, the first of many credit-loss and write-down announcements by banks and institutional investors. The European Central Bank (ECB) rapidly provides more than 200 billion euro to boost liquidity and inter-bank lending.  The EU and its international partners launch a review of risk management in financial markets, setting a timetable for measures to be taken.