Róisín Shortall
Ceist:92 Ms Shortall asked the Minister for Finance if he will report on the informal ECOFIN meeting at Vienna at the end of September 1998. [19494/98]
Written Answers. - ECOFIN Meeting.
Informal council meetings provide an opportunity for Ministers to have a general discussion on issues which will feature on the agendas of future formal councils. It is not the practice for such meetings to take decisions. At the informal meeting of EU Finance Ministers in Vienna last month, we discussed a range of issues including the co-ordination of taxation policies, the situation in Russia and Agenda 2000.
Ministers held an informal exchange of views on the co-ordination of taxation policies in the context of EMU and the Single Market. It was agreed that the primary focus of member states and the Commission should be on implementing the measures in the tax package adopted at ECOFIN last December. In this context it was noted that work was about to commence on the review of taxation measures coming within the scope of the code of conduct on business taxation. It was agreed that an interim progress report on the tax package would be prepared for the ECOFIN meeting in December 1998.
Ministers also discussed the international economic situation, including the crisis in Russia. Austria, as the current holder of the EU Presidency, issued a statement on these matters which stated that solutions depend on national economic and political situations and that restructuring the financial and corporate sectors will lay the foundation for recovery. The implementation of a supportive demand policy and the restructuring of the banking sector in Japan were seen as being of the utmost importance in this respect. The statement also welcomed the formation of a Government in Russia and repeated the call made in the EU Ministers' Declaration of 6 September last to proceed along the path of structural reforms in order to establish the foundations of a social market economy. The situation in Latin America was also discussed in some detail and the statement expressed confidence in the prospects for Latin America and its ability to overcome the current instability of international markets. The important role of the IMF in crisis prevention was also recognised and it was agreed that IMF quota increases should be urgently implemented. As regards Russia, the statement emphasised the contribution that EU instruments such as TACIS can make, along with the technical assistance programmes of EU member states. Finally, the statement noted that the European Union is conspicuous in today's world economy as a pole of stability conducive to economic and employment growth.
A discussion on Agenda 2000 was held over lunch, at which Ministers outlined their respective positions.