Question:
56 Dr. Upton asked the Minister for Finance if he will report on the ECOFIN meeting in Brussels on 12 February 2001. [4686/01]
Written Answers. - ECOFIN Council.
The following were the issues on the agenda for the meeting of Economic and Finance Ministers, ECOFIN, which I attended on 12 February 2001. On excise duty on mineral oils, ECOFIN finalised its discussions over lunch and approved conclusions relating to the general decision on the prolongation of derogations on excise duties for mineral oils. This paves the way for an early formal adoption of this decision and a series of specific derogations in this area.
Under the heading, Preparation of the Stockholm European Council, two issues were discussed. They were: product and capital markets, where ECOFIN heard a presentation by Commissioner Bolkestein on the Commission's third report on the functioning of product and capital markets – the Commission's report will be taken into account in the preparation of a paper on the key issue of the broad economic policy guidelines for the Stockholm European Council in March; and broad economic policy guidelines, where ECOFIN Ministers welcomed the Presidency's approach on the key issues paper on the preparation of the broad economic policy guidelines and expressed broad agreement on the suggestions made and issues selected. On the basis of the discussion at ECOFIN, a draft key issues paper will be prepared and forwarded to the ECOFIN Council on 12 March for adoption.
Under the heading, EMU, two issues were discussed. They were: the protection of the euro against counterfeiting, where ECOFIN reached political agreement on a regulation on the protection of the euro against counterfeiting – the purpose of the regulation is to ensure a high degree of co-operation in protecting the euro against counterfeiting and to strengthen the legal frame work for protection of euro bank notes and coins in time for their introduction on 1 January 2002;
and issues relating to euro coins, where Ministers welcomed initiatives for training vulnerable groups in the population in familiarising them selves with the euro notes and coins. Ministers also agreed on the adaptation of the conditions for loans of euro coins and-or tokens to the vending, coin-operated, industry.
With regard to the supplementary and amending budget 1/2001 concerning BSE-related measures, ECOFIN confirmed an agreement reached in COREPER to finance a package of measures relating to BSE through the EU budget. These measures were agreed by the Agriculture Council in January.
The Council heard a presentation by Commissioner Bolkestein on e-commerce and financial services. This issue is a critical element in the development of an integrated European market in financial services, which, as agreed by the Lisbon European Council, is due for completion by 2005. In this first exchange of views, Ministers had an opportunity to comment on the principles underlying the Commission communication. ECOFIN referred the draft of the second UCITS directive back to COREPER with the aim of reaching agreement by 1 March.
The ECOFIN Council continued its cycle of annual review of member states' stability and growth and examined the programmes of Denmark, Ireland, Greece, France, Italy, Austria and the United Kingdom. The Council adopted its opinions on these programmes, as well as a recommendation relating to Ireland and a decision to publish this recommendation. In addition, the Council agreed to make the Council opinions public.
Over lunch, the Eurogroup president, Belgian Finance Minister Reynders, gave a short debriefing on the Eurogroup meeting which had been held earlier that morning. In addition, Mr Maystadt, president of the EIB, gave a brief overview of the activities of the EIB during 2000 and the Presidency informed Ministers of the current situation with regard to contacts with third countries in relation to negotiations concerning the taxation of savings. Discussion at lunch also included the issues of the grandfathering of bonds and the role of the European Parliament's Economic and Monetary Affairs Committee.