Dáil Éireann Debate, Wednesday - 18 September 2013
184. Deputy Andrew Doyle asked the Minister for Finance the parameters of the discussions held with ministerial colleagues at the 3252nd Economic and Financial Affairs (ECOFIN) Council meeting in Brussels on 9 July 2013; the agreements reached; if he will provide an update on matters discussed; and if he will make a statement on the matter. [37411/13]
Amharc ar fhreagraThe ECOFIN Council met on 9th July 2013; it was the first ECOFIN meeting held under the Lithuanian Presidency of the Council. The meeting was attended by representatives of all 28 EU Member States, representatives of the Commission and the European Central Bank, the European Investment Bank (EIB), the Economic and Financial Committee and the Economic Policy Committee. The following issues were discussed.
Lithuanian Presidency Work Programme
The Lithuanian Presidency presented its work programme for ECOFIN for the second half of 2013. Financial Services, European Semester, Deepening and Strengthening of Economic and Monetary Union (EMU), Implementation of the newly established economic governance framework, taxation, the 2014 EU Budget and representing the EU at G20 meetings were the main areas identified for action.
Follow-up to the European Council on 27/28 June 2013
Ministers discussed the follow-up to be given to the European Council's meeting on 27 and 28 June as regards (i) instruments proposed by the Commission and the European Investment Bank to support access to finance for SMEs and (ii) the future development of the EU's economic and monetary union.
The European Council on 27-28 June 2013 concluded that SME financing is a key priority and set out a number of measures to be implemented in the light of a report from the Commission and the EIB. This issue would be further discussed at the Informal ECOFIN meeting in September, with a final report on funding options submitted by the Presidency to the European Council in October.
Regarding EMU, the Council was briefed by the Commission on preparations for further work, namely on an expected communication on economic policy coordination and a proposal on the ex ante coordination of major economic reforms in the member states.
Adoption of the euro by Latvia
The Council adopted a decision allowing Latvia to adopt the euro as its currency as of 1 January 2014, and set a permanent conversion rate for the Latvian lats against the euro. This decision will extend the euro area to 18 member states.
Economic Governance - two-pack
The Council endorsed two documents relating to the implementation of the "two-pack" of economic governance regulations:
- a code of conduct on enhanced monitoring and assessment of draft budgetary plans of euro area member states and
- a communication from the Commission on a harmonised framework for draft budgetary plans and debt issuance reports in the euro area.
The Commission explained the impact of the two-pack in terms of process in the Autumn, including the necessity for Member States to present draft budgets by 15 October.
Follow-up to the G20 Finance Deputies meeting on 6-7 June 2013 in St Petersburg and preparation of G20 meeting of Finance Ministers and Governors of 19-20 July 2013 in Moscow
Ministers endorsed EU terms of reference in preparation for a meeting of G20 Finance Ministers and Central Bank Governors in Moscow on 19 and 20 July. The terms of reference constitute a common position for EU representatives and those member states that participate in the G20. The main topics discussed at the Moscow meeting were the global economy and framework for growth; reform of international financial institutions; financing for investment; taxation issues; and financial regulation and inclusion.
The Presidency and the Commission also reported on a meeting of G20 Finance Deputies held in St Petersburg on 6 and 7 June.
Other business: Legislative proposal on insider dealing and market manipulation (market abuse) (MAR)
The Council took note of a provisional agreement reached with the European Parliament on 20 June on a draft regulation on insider dealing and market manipulation.
