Eurozone/Addendum

The bail-out clauses

The consolidated version of the Treaty on European Union [1] contains the following clauses:

Article 123

(ex Article 101 TEC)
1. Overdraft facilities or any other type of credit facility with the European Central Bank or with the central banks of the Member States (hereinafter referred to as ‘national central banks’) in favour of Union institutions, bodies, offices or agencies, central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of Member States shall be prohibited, as shall the purchase directly from them by the European Central Bank or national central banks of debt instruments.

Article 125

(ex Article 103 TEC)
1. The Union shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of any Member State, without prejudice to mutual financial guarantees for the joint execution of a specific project. A Member State shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of another Member State, without prejudice to mutual financial guarantees for the joint execution of a specific project.

Growth rate comparison

Real GDP difference from previous year (per cent)

	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008
EU 27	3.1	3.9	2.0	1.2	1.3	2.3	2.0	3.2	3.0	0.5
EZ 15	2.9	3.9	1.9	0.9	0.8	0.8	2.2	3.0	2.8	0.4
Ireland	10.9	9.7	5.7	6.5	4.4	4.6	6.0	5.3	5.6	-3.3
Greece	3.4	4.5	4.2	3.4	5.9	4.4	2.3	4.5	4.9	1.3
Spain	4.7	5.0	3.6	2.7	3.1	3.3	3.6	4.0	3.6	0.9
Portugal	4.1	3.9	2.0	0.7	-0.9	1.6	0.8	1.4	2.4	0.0
Italy	1.3	3.7	1.8	0.3	0.0	1.5	0.7	2.0	1.3	-1.3
Denmark	2.6	3.5	0.7	0.3	0.4	2.3	2.4	3.4	1.6	-1.1
UK	3.5	3.9	2.3	2.1	2.8	3.0	2.2	2.8	2.2	-0.1

Source: Eurostat data at [2]

Balance of payments comparison

(A table of current account balances for Q4 2007, taken from Eurostat data at [3] is to be inserted here)