Brussels, 29/08/2007 (Agence Europe) - A point of order on the Commission's agenda for the meeting at the end of the holidays involves the financial market crisis that occurred in August and which is linked to fall-out affecting the US mortgage lending market (EUROPE 9487 and 9483). On Wednesday 29 August a Commission spokesperson declared, “the Commission's assessment is that control and intervention systems are functioning, economic fundamentals in Europe are healthy and that in the immediate there is no cause for concern over the serious and sustained impact on growth and economic development.
Joaquin Almunia, the European Commissioner for economic and monetary affairs had another look into the events that shook the financial markets. Absent from the meeting, Commissioner McCreevy, in charge of the internal market, sent round a not of information to the College in which he pointed out that he intended to go ahead with an examination of the code of conduct governing the activities of financial notation agencies. It also indicated that he wanted to meet the president of the European Securities Regulatory Committee. McGreevy's spokesperson pointed out that this meeting would take place in September. EUROPE on Wednesday asked him whether he had ruled out the possibility of a direct meeting between the Commissioner and representatives from the financial notation agencies, even if at this stage, nothing has yet been planned.
The financial crisis will be one of the subject on the informal Ecofin Council meeting on 14-15 September in Porto (Portugal). The European Central Bank will be meeting on 6 September to examine the monetary situation and perhaps take new measures. On 11 September, its president, Jean-Claude Trichet will speak address members of the economic and monetary committee on the subject. (mb/ab)