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Structural reforms and investment in growth and jobs are the key priorities under the Italian presidency of the Council of the EU, which runs from 1 July through to the end of December 2014.
Pier Carlo Padoan, the Italian Minister of Economy and Finance and Chair of the Ecofin, presented the presidency's proposal for boosting growth in the EU, which rests on 3 main pillars: further integration of the single market, boosting of structural reforms and promotion of investment.
"We do need to continue with fiscal consolidation, we do need to foster growth – these are two sides of the same coin", said Minister Padoan.
Following the discussion the Council issued a statement, confirming its support for the objectives of boosting growth and jobs. According to the statement, the structural reforms "should be given particular attention, including through an appropriate assessment of fiscal measures and structural reforms, while making the best use of the flexibility that is built into the existing Stability and Growth Pact rules".
The other main priorities of the Ecofin work programme include completion of the banking union, strengthening the regulation of financial markets and advancing legislative work in the area of taxation.
The ministers will continue to discuss investment opportunities and structural reforms at the informal Ecofin meeting in September.
On bank resolution rules, the ministers discussed the preparation of implementing legislation (2 legal acts) on contributions to be paid by banks to resolution funds established under recently-agreed rules on bank resolution.
The Commission is expected to complete preparing the 2 legal acts in September 2014.
ECOFIN- recommendations to member states
Asset quality reviews and stress test