Significant progress on stability and growth agenda at ECOFIN meeting | WPN World People News

Significant progress was made on Banking Union, a key to stability in Europe and on promoting funding for investment in SME's and Corporates at the Informal meeting of EU Finance Ministers (ECOFIN) in Dublin. The decision to extend the maturities on the EFSF and EFSM loan represents a very positive development and will enhance the prospects of Portugal and Ireland of making a full and sustainable return to the market.

The informal ECOFIN, the key finance and economic event of the Irish Presidency of the European Union took place in Dublin Castle and significant progress was made on advancing key issues.

Agreement was reached to extend Portugal's and Ireland's EFSF and EFSM loan by an average of seven years. The return of Programme Countries to the financial markets is a win for Europe as it shows that Europe can resolve the difficulties that we are currently facing.

Banking union was another important topic discussed at the two day meeting. The issue has been prioritised by the Irish Presidency and much energy has been put into advancing files in this area. In particular significant progress has been made on the Single Supervisory Mechanism (SSM).

Saturday's meeting focused primarily on financing options for economic growth. Minister Noonan said that "securing an appropriate level of finance for long-term investment is critical in terms of driving economic growth and generating employment. ” Overall, the two day Informal meeting has made significant progress in achieving greater stability in the EU and the Eurozone.

Source: Government of Ireland