What do you have for us, Joaquin Almunia?

Around 1.1 Trillion Euros of state loans or guarantees last year has been used by banks in the 27 nation in Europe which was stated by the commission today. The Europe’s antitrust agency that checks whether subsidies distort competition in the region has granted approval for the measures as part of its response to the biggest financial crisis since the Great Depression.

European policymakers are giving their best to wean banks off government assistance to avoid harming competition. Joaquin Almunia, European Union’s competition commissioner extended the crisis rules into 2011 and informing reporters that he hoped to end them in a year’s time or “when normal conditions come back.” He also said that he could see new state aid guidelines for the financial industry starting on 1st January 2012.