-Following a general discussion on the main economic themes for the Barcelona European Council, the Council adopted a ‘Key Issues Paper’ setting out the key issues to be addressed in the 2002 Broad Economic Policy Guidelines (BEPGs) and agreed to forward it to the Barcelona European Council.
On capital markets and financial services reforms the paper set up the following deadlines for specific measures to be approved by the Council and the European Parliament in 2002:
the Directive on Market Abuse.
the Directive on the use of Collateral.
the Regulation on International Accounting Standards.
the Directive on Insurance Intermediaries.
the draft Directive on Prospectuses.
the draft Directive on Financial Conglomerates.
the draft Directive on Occupational Pension Funds.
Draft Directives should be presented by the Commission on:
Takeover Bids
Regular Reporting Requirements
Investment Services Directive.
The paper also highlights that further progress needs to be made, in particular through implementation of the Financial Services Risk Capital Action Plans. The Council noted the need to build on the momentum which had been generated in this area in recent months so that political will in this area can rapidly be translated into practical results.
The Council also adopted a Common Position on Financial Collateral arrangements. The aim of the Directive is to create a Community regime for the provision of securities and cash as collateral under both security interest and title transfer structures, including repurchase agreements (repos). See also other timeline event
The Council also agreed without discussion on the standard format that Member States would use to exchange information with each other, in accordance with the proposed Taxation of Savings Income Directive, on interest payments made to individual savers.
See full Council meeting document
See 'Key Issues Paper on the 2002 Broad Economic Policy Guidlines'
See also Commission press release
© Council of the European Union
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