Memo: Preparation of Eurogroup and Economic and Finance Ministers Council, Brussels, 1 and 2 December (Amelia Torres, Oliver Drewes, Maria Assimakopoulou, Valérie Rampi)

Ministers will discuss the economic situation, with particular attention to the financial market crisis, its impact on the real economy and measures needed to kick-start investment and consumer demand.

The economic situation and outlook for the euro area and the EU continue to be exceptionally uncertain. The measures taken by governments and central banks in mid-October seem to be gradually taking effect in credit markets. Nonetheless, the European economy has fallen into a technical recession and there are risks of contraction in 2009. To counter this bleak picture, the Commission outlined a European Economic Recovery Plan in its Communication of 26 November.

• Primary Source