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EU to publish data on bank risks | |
(about 6 hours later) | |
Britain's David Cameron is attending his first EU summit | Britain's David Cameron is attending his first EU summit |
EU leaders have agreed to publish "stress tests" of banks next month to show investors where any potential risks lie. | |
The EU Commission President, Jose Manuel Barroso, said the results would be published "on a bank by bank basis - this should reassure investors". | |
The announcement came after EU summit talks dominated by the debt burden weighing on many member states. | |
The EU is wrestling with Europe's worst public debts for decades. | |
Leaders are intent on preventing contagion from the Greek budget crisis. | Leaders are intent on preventing contagion from the Greek budget crisis. |
The summit came amid particular concern about public finances in Spain, the fifth biggest eurozone economy. | |
"Stress tests of banks will be published at the latest in the second half of July," European Council President Herman Van Rompuy said. | |
Earlier, British Prime Minister David Cameron, attending his first EU summit, promised to play a "positive" role in the bloc. | |
"We will of course always defend our national interests, as others do, and our national red lines," he added, speaking alongside Mr Barroso. | |
Both Mr Cameron and Mr Barroso said the EU should be focusing on "substance" rather than institutions. | Both Mr Cameron and Mr Barroso said the EU should be focusing on "substance" rather than institutions. |
Earlier Mr Barroso served up an English cooked breakfast of bacon, sausage and egg for Mr Cameron. | Earlier Mr Barroso served up an English cooked breakfast of bacon, sausage and egg for Mr Cameron. |
Spanish woes | Spanish woes |
Plans to improve budget scrutiny and establish sanctions to punish reckless spending were on the summit agenda. | |
Britain agrees with the discipline of sanctions but does not see why they should apply to countries that do not use the euro | Britain agrees with the discipline of sanctions but does not see why they should apply to countries that do not use the euro |
Gavin Hewitt Mr Cameron comes to Brussels | Gavin Hewitt Mr Cameron comes to Brussels |
EU leaders backed a bank levy to ensure that any future bail-out would be financed mainly by banks rather than taxpayers. | |
Although details remain unclear, they will urge the US and other major economic powers to embrace a bank levy system at the G20 summit next week. | Although details remain unclear, they will urge the US and other major economic powers to embrace a bank levy system at the G20 summit next week. |
On Thursday, the cost of borrowing for the Spanish government hit a record high as confidence in Spain's ability to repay its debts fell. | On Thursday, the cost of borrowing for the Spanish government hit a record high as confidence in Spain's ability to repay its debts fell. |
The government admitted this week that foreign banks were refusing to lend to some Spanish banks. | The government admitted this week that foreign banks were refusing to lend to some Spanish banks. |
Spain has been forced to deny reports that it is in talks with the IMF over a bail-out package to help it manage its debts. | Spain has been forced to deny reports that it is in talks with the IMF over a bail-out package to help it manage its debts. |
The country has announced budget cuts and unpopular labour reforms to avoid a Greek-style meltdown. | |
The eurozone has set up a 750bn-euro (£623bn; $920bn) bail-out mechanism as a safety net in case any more countries suffer a similar debt crisis to Greece. | The eurozone has set up a 750bn-euro (£623bn; $920bn) bail-out mechanism as a safety net in case any more countries suffer a similar debt crisis to Greece. |
Budget surveillance | Budget surveillance |
The draft summit document mentions EU member states presenting their budgetary plans to the European Commission each spring, "taking account of national budgetary procedures", BBC Europe editor Gavin Hewitt reports. | The draft summit document mentions EU member states presenting their budgetary plans to the European Commission each spring, "taking account of national budgetary procedures", BBC Europe editor Gavin Hewitt reports. |
The UK has made it clear that its budget must go before the British parliament before being presented to EU officials for scrutiny. | The UK has made it clear that its budget must go before the British parliament before being presented to EU officials for scrutiny. |
However, the UK's pre-budget report is already fed into EU finance ministers' discussions before the full budget appears in April, a UK diplomat told the BBC. | However, the UK's pre-budget report is already fed into EU finance ministers' discussions before the full budget appears in April, a UK diplomat told the BBC. |
The EU leaders also discussed a new 10-year strategy for jobs and growth, drafted by the Commission, called "Europe 2020". | |
It sets out a range of targets for employment, training and investment. Spending on research and development would reach 3% of gross domestic product (GDP) under the plan. | It sets out a range of targets for employment, training and investment. Spending on research and development would reach 3% of gross domestic product (GDP) under the plan. |