27 January 2012

ECON Committee: Exchange of views with Danish Minister for Economic Affairs

In the subsequent exchange of views, Ms Vestager told Mr Gauzes (EPP, FR) that the work ahead would require efficiency and pragmatism in order to reconcile and ensure coherence between the latest economic governance reforms and the envisaged new international treaty.

She pointed out to Mr Bullmann (S&D, DE) that fiscal consolidation had to be accompanied by growth and job creation. She explained to Ms Goulard (ALDE, FR) that it was important to maintain political dialogue between the different European institutions to ensure a common focus and language regarding the goals ahead.

She agreed with Ms Swinburne (ECR, UK) on the need to conclude negotiations swiftly on the European Market Infrastructure Regulation (EMIR) in order to send a positive signal to the markets and European citizens.

She told Mr Giegold (Greens/EFA, DE) that she considered the Commission proposal on capital requirements to be balanced, and that she expected negotiations regarding the implementation of Basel III at European level to move forward, taking into account the latest Franco-German proposal.

In response to Mr Giegold, Ms Podimata (S&D, EL) and Ms McCarthy (S&D, UK), she accepted that there were different positions within the Council on the Financial Transaction Tax (FTT) but stressed the Danish Presidency’s intention to take forward the negotiations at both the political and technical levels.

Ms Vestager acknowledged to Ms Lulling (EPP, LU) and Mr Ludvigsson (S&D, SE) the need to find compromises at a technical level on energy taxation in order to meet climate targets and change patterns in energy consumption.

She answered Mr Schmidt (ALDE, SE) that the Danish Presidency was committed to making progress on the Common Consolidated Corporate Tax Base (CCCTB) discussions, despite the variety of systems within the European Union. With regard to the Investor Compensation Scheme Directive, she acknowledged that there was not likely to be an agreement in the immediate future.

She told Mr Gualtieri (S&D, IT) that it would have been preferable to have embarked on discussions on the fiscal compact and the golden rule with all 27 Member States, instead of an intergovernmental process, and that Denmark’s involvement in the fiscal compact would depend on the rules in the new international treaty. She stressed that Denmark’s constitution and euro opt-out had to be fully respected. She underlined the latest developments in negotiations to reduce the inconsistencies between the draft treaty and European secondary legislation.

She also agreed with Mr Saryusz-Wolski (EPP, PL) and Mr Feio (EPP, PT) that all Member States should have the right to participate in Euro Summit meetings.

She pointed out to Mr Klinz (ALDE, DE) that some differences between EU and US financial systems could be reduced through the G20 dialogue to ensure a minimum level playing field, and that the deepening of the internal market to stimulate growth was also high on the agenda of the Danish Presidency.

She answered Mr Feio (EPP, PT) that the Commission proposal on Credit Rating Agencies (CRAs) needed to ensure more accountability and less dependency, and that the European Central Bank (ECB) should only pursue the goals set out in the Treaties. She looked forward to a discussion on eurobonds..., since the primary responsibility for resolving the crisis lay with Member States.

Press release

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