Eamon Gilmore
Question:68 Mr. Gilmore asked the Minister for Finance if he will make a statement on the outcome of the Council of Finance Ministers meeting in Brussels on 12 February. [5552/02]
Written Answers. - EU Council Meetings.
The conclusions of the meeting of Economic and Finance Ministers, ECOFIN, which I attended on 12 February in Brussels covered a number of areas.
Following an orientation debate, under the heading Preparations for the European Council in Barcelona, it was agreed that the Spanish Presidency would draft a key issues paper. This paper will take into account the contributions of other Council formations and be submitted for approval to the next ECOFIN meeting on 5 March and for onward submission to Barcelona.
In the context of the stability and growth pact, the Council examined the 2001 updated stability programmes for France, Greece, Ireland, Italy, Spain and the convergence programme of the UK, and approved Council opinions on those programmes. The Council also considered updated stability programmes from Germany and Portugal, and Commission recommendations for early warnings to prevent excessive deficits to issue to both of these member states. It adopted two statements welcoming the commitments of the German and Portuguese governments to respond to the concerns expressed in the Commission's recommendations and agreed Council opinions on both programmes, thereby closing the procedure. The Council's opinion on Ireland's stability programme was agreed. The Council's general conclusion is that the budgetary projections for 2002 set out in our stability programme do not present problems.
With regard to the euro, Ministers also took note of an oral presentation by the Commission on the latest information concerning the successful changeover. The Council welcomed the progress achieved and looked forward to a further oral report at its meeting on 5 March.
The Council further welcomed the fact that all member states had completed the ratification procedure for the Council decision of 29 September 2000 on the system of the European Communities' own resources and that this decision will now enter into force on 1 March.
The Council then held an exchange of views on the financial aspects of the Commission's communication on a common financial framework for the accession negotiations with candidate countries. It noted that the debate had provided useful guidance for the Commission as an input for its work in preparing draft common positions for the financial aspects of enlargement with candidate countries.
Over lunch the Council was briefed on the outcome of the Euro-group meeting of the previous evening and the progress on negotiations with third countries and dependant territories on the taxation of savings. Ministers also received a report from the President of the European Investment Bank on initiatives for growth and discussed, at the request of the UK, the financing of development.