Liz McManus
Question:11 Ms. McManus asked the Minister for Finance if he will make a statement on the outcome of the ECOFIN meeting on 20 April 2001 in Malmo. [14233/01]
Other Questions. - ECOFIN Meeting.
Question:
46 Dr. Upton asked the Minister for Finance if he will report on the ECOFIN informal meeting in Sweden. [14252/01]
I propose to take Questions Nos. 11 and 46 together.
The informal meeting of the ECOFIN Council took place on 20-22 April 2001 in Malmo, Sweden. Informal meetings of the Council provide Ministers with an opportunity to engage in a general discussion on issues which will feature on the agenda of future formal Councils. It is not the practice for such meetings to have a formal agenda or to arrive at formal decisions. The informal ECOFIN began on Friday, 20 April with a meeting to discuss future tax policies and ECOFIN involvement in enlargement. The discussion on future taxation policies covered both direct and indirect taxation, while the debate on ECOFIN involvement in enlargement looked at ways in which Finance Ministers can contribute to the process. This first session was followed by a Eurogroup meeting, which looked at the economic situation and policy mix, preparation for the G7, and the euro notes and coins changeover.
On Saturday, 21 April, the informal ECOFIN reconvened. Ministers were joined by central bank governors to discuss the current global economic situation and prospects. There was also an exchange of views on financial services and the Brouwer report on financial crisis management. Also, consideration was given to the question of how best to formulate and advance EU interests at the IMF. The speech to be made by the Presidency on behalf of the EU at the upcoming meeting of the IMF International Monetary and Finance Committee was also approved.
Over lunch, the Belgian Presidency of the Eurogroup gave a debriefing on proceedings at the Eurogroup meeting of the previous evening. Discussion continued over lunch on current international economic and financial issues. Having reviewed recent economic and financial developments in Turkey, Ministers reiterated their support for the efforts of the Turkish Government to implement a strong national economic programme. They also called on the IMF and the World Bank to provide additional assistance in this context as well as stressing the need for continued support from the private sector.
After lunch, ECOFIN Ministers and Central Bank Governors of the European Union met with their counterparts from the enlargement candidate countries, together with representatives of the Commission, the European Central Bank, the European Investment Bank and the European Bank for Reconstruction and Development. Discussion covered a range of issues relating to macroeconomic and financial stability, both in the EU and in the candidate countries. This meeting marked the beginning of an intensified economic policy dialogue between the EU and the candidate countries.
Has the Minister or his Department responded to the publication of the draft broad economic policy guidelines by the Commission?
There is a later question on this matter but I will answer the Deputy. The broad economic policy guidelines for 2001 will be finalised at the heads of state meeting in June. Prior to that, there will be an ECOFIN Council on the first Monday and Tuesday in June which will finalise our submission on the BEPGs. That will go forward to the heads of state who will have the final say. The process started some months ago and the first draft, which was in the newspapers, was issued. It goes to an alternates meeting of the EFC and will go back and forth. All countries are requesting some changes, as is normal, and that process has been ongoing.