ECOFIN results

30 January 2007

The Council adopted a decision closing the excessive deficit procedure it opened in 2003 with regard to France, after the French government succeeded in reducing its deficit below 3% of GDP, the maximum threshold set by the EU's stability and growth pact.

The Council considered France's deficit to have been reduced in a credible and sustainable manner, given also that the Commission services' autumn forecast projects the deficits for 2006, 2007 and 2008 to be further reduced.

On Financial Services the Council took note of the presentation by the German presidency of a work programme for economic and financial affairs for the duration of its mandate until the end of June. It held a brief policy debate.

Together with its partner countries Portugal and Slovenia, which will preside over the Council during the second half of 2007 and the first half of 2008 respectively, Germany will focus the Council's work over the next 18 months on the following core issues:

ensuring efficient and effective procedures of fiscal and economic policy coordination;

further steps towards completion of the internal market, in particular with regard to financial services and taxation;

improving the quality of public finances.

Press release
Background note

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