June 29, 2012 / 8:39 AM / 6 years ago

TESTO INTEGRALE - Comunicato leader zona euro

 We affirm that it is imperative to break the vicious circle
between banks and sovereigns. The Commission will present
Proposals on the basis of Article 127(6) for a single
supervisory mechanism shortly. We ask the Council to consider
these Proposals as a matter of urgency by the end of 2012. When
an effective single supervisory mechanism is established,
involving the ECB, for banks in the euro area the ESM could,
following a regular decision, have the possibility to
recapitalize banks directly. This would rely on appropriate
conditionality, including compliance with state aid rules, which
should be institutionspecific,sector-specific or economy-wide
and would be formalised in a Memorandum of Understanding. The
Eurogroup will examine the situation of the Irish financial
sector with the view of further improving the sustainability of
the well-performing adjustment programme. Similar cases will be
treated equally.
 We urge the rapid conclusion of the Memorandum of
Understanding attached to the financial support to Spain for
recapitalisation of its banking sector. We reaffirm that the
financial assistance will be provided by the EFSF until the ESM
becomes available, and that it will then be transferred to the
ESM, without gaining seniority status.

 We affirm our strong commitment to do what is necessary to
ensure the financial stability of the euro area, in particular
by using the existing EFSF/ESM instruments in a flexible and
efficient manner in order to stabilise markets for Member States
respecting their Country Specific Recommendations and their
other commitments including their respective timelines, under
the European Semester, the Stability and Growth Pact and the
Macroeconomic Imbalances Procedure. These conditions should be
reflected in a Memorandum of Understanding. We welcome that the
ECB has agreed to serve as an agent to EFSF/ESM in conducting
market operations in an effective and efficient manner.
 We task the Eurogroup to implement these decisions by 9 July
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