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The EU will have to give priority attention to a solution to the problems resulting from the financial crises, Czech Prime Minister Topolánek and Deputy Prime Minister Vondra said introducing the priorities and the work program of the incomming Presidency.
Implementing further steps to enhance transparency and stability of financial markets will be an important goal in the upcoming period. The primary task during the Czech Presidency will be to prevent any further deepening of the crisis and to revive the economic growth of the EU economies.
The Czech Presidency will strive, particularly at the April G-20 Summit in
Economic and Financial Affairs
The Czech Presidency will address three major topics in managing the current financial and economic risks:
Ø the recovery of financial markets and discussions about better regulation;
Ø coping with the decline in economic growth; and
Ø the preparation of the EU for international debates on the global financial architecture.
The regular assessment of stability and convergence programmes and national reform programmes will take place in early 2009.
Financial Market Recovery and Development
Priority issues in the area of financial markets will include
Ø the review of the CRD Directive;
Ø negotiations on the Solvency II Directive;
Ø the Regulation on credit rating agencies and
Ø the directive on electronic money institutions.
The Presidency will also strive to take forward the review of the Regulation on cross-border payments in euro and to ensure a timely and proper implementation of the road maps of the Economic and Financial Affairs Council, adopted in reaction to the financial crisis.
The Czech Presidency will also continue the debates about enhancing the stability and development of a single European financial market by way of harmonising the regulation of the financial market and its supervision. The Presidency considers that a necessary prerequisite for more efficient communication and co-ordination of the measures adopted in the EU is the existence of a strong and independent national supervisor covering all segments of the financial market. The work of the high-level group led by Jacques de Larosière will constitute an important contribution to the debate.
(The Work Programme is attached below)