10 February 2009

ECOFIN 10 February

Ministers agreed on the need for a common and co-ordinated approach towards a framework on buying up impaired assets. The Council also reviewed the implementation of the European economic recovery plan and adopted conclusions on SEPA.

Ministers discussed the future direction of rescue packages for the financial sector including possible measures aimed at the banks’ “bad assets”. They agreed that the implementation of individual measures at national level must be carried out through joint and coordinated action if fair competition is to be maintained (for details see here).

 

The Council also adopted conclusions on the single euro payments area (SEPA) and considered that the launch of the SEPA direct debit scheme scheduled for 1 November 2009 will provide new impetus for SEPA migration. The Council invited the industry to accelerate the necessary preparatory work for its successful launch. (For the proposed Presidency compromise package issued on 9 February see here)

 

ECOFIN Council also discussed short selling asking the Commission and the CESR to take a closer look at this issue. An intervention by the Dutch minister called for action to enhance greater convergence, both between member states and at international level. The Swedish minister also raised the issue of bonuses and executive pay in the financial sector.

 

With respect to the preparations for the Spring European Council, the Finance Ministers discussed the implementation of national measures under the European Economic Recovery Plan.

 

The Key Issues Paper on Economic and Financial Affairs, to be submitted for adoption at the Spring Ecofin Council in March, will include current issues of financial stability and the operation of financial markets, reform of the international financial architecture, fulfilment of the approved Recovery Plan and continuation of structural reforms.

 

The Ministers adopted the conclusions on the review of the internal market. In these conclusions a consensus is reached that it is necessary to further develop the services of the internal market despite the current negative macro-economic development.

 

Main Council conclusions

Council conclusions on anti-fraud agreement with Liechtenstein

Council Conclusions on the progress report of the Single Market Review

Council Conclusions on SEPA

 

Agenda
Background note

Commission press release

Presidency press release on informal European Council

The daft key issue paper is attached below

 

 

 

 

© Council of the European Union