Translation of "capitalisation du coût entier " (French → English) :

15. Welcomes the achievement one full year ahead of schedule of the EUR 30 billion target in lending to small and medium-sized enterprises (SMEs) set by the December 2008 ECOFIN Council; supports the new loan product for Mid-Cap enterprises and highlights its importance for boosting the European economic recovery; calls on the EIB to provide advice to SMEs and other beneficiaries, when appropriate, to ensure the quality and effectiveness of the projects;

5. When assessing compliance with the deficit and debt criterion and in the subsequent steps of the excessive deficit procedure, the Council and the Commission shall give due consideration to the implementation of pension reforms introducing a multi-pillar system that includes a mandatory, fully funded pillar and the net cost of the publicly managed pillar.

7. In the case of Member States where the excess of the deficit over the reference value reflects the implementation of a pension reform introducing a multi-pillar system that includes a mandatory, fully funded pillar, the Council and the Commission shall also consider the cost of the reform when assessing developments of deficit figures in excessive deficit procedures as long as the deficit does not significantly exceed a level that can be considered close to the reference value, and the debt ratio does not exceed the reference value ...[+++], provided that overall fiscal sustainability is maintained.

7. In the case of Member States where the excess of the deficit over the reference value reflects the implementation of a pension reform introducing a multi-pillar system that includes a mandatory, fully funded pillar, the Commission and the Council shall also consider the cost of the reform when assessing developments of deficit figures in excessive deficit procedure as long as the deficit does not significantly exceed a level that can be considered close to the reference value, and the debt ratio does not exceed the reference value ...[+++]on condition that overall fiscal sustainability is maintained. The net cost shall be taken into account also for the decision of the Council under Article 126(12) TFEU on the abrogation of some or all of its decisions under paragraphs 6 to 9 and 11 of Article 126 TFEU, if the deficit has declined substantially and continuously and has reached a level that comes close to the reference value".

1. Notes that the global financial crisis stemming from global macro-economic imbalances and a worldwide credit crisis has inflicted serious damage on financial systems all over the world, including the European Union; notes also that the global financial crisis has brought massive destruction of equity market capitalisation all over the world, that its negative effects on 'real economies' are profound and, in particular, that the implications for employment and the social situation are far-reaching; underlines that financial markets are of crucial importance to the 'real economy' and that one of the priorities – besides safeguarding e ...[+++]mployment – for growth and employment is to get capital flowing again, providing credits and financing to investments, which calls for renewed confidence and trust, through clear commitments and government guarantees, as well as better implemented supervision, covering all financial markets in a global perspective, and regulations supporting responsible provision of credits to the markets;

Costs that are entirely attributable to public service activities, while benefiting also commercial activities, need not be apportioned between the two and can be entirely allocated to public service (48).