Big issues for the next ECOFIN Council
19 October 2009
EU Finance Ministers will meet in Luxembourg to discuss financial supervision, as well as how public finances are to be brought back into balance.
On 20 October EU finance ministers will meet in Luxembourg to discuss a number of important issues. These include climate, financial supervision and how public finances are to be brought back into balance (the 'financial exit strategy').
The big issues to be discussed are as follows:
Finding common ground for future decision on climate financing. The intention is to create common ground for a future decision. To complement the Environment Council’s conclusions on the climate, the ECOFIN Council will adopt conclusions on the financing of climate measures. On the basis of both Councils’ conclusions, the EU position ahead of Copenhagen will then be discussed and determined by the European Council on 29-30 October.
Continued work to improve and coordinate monitoring and supervision. The finance ministers will also continue their work on improving financial supervision in the EU. Two new structures are to be established to develop and coordinate supervision in the EU: the European Systemic Risk Board (ESRB), for ‘macro-prudential supervision’, and the European System of Financial Supervisors (ESFS).
Continued work on exit strategy. The economic crisis and the very extensive financial policy measures that have been taken have put great pressure on public finances. Based on the discussions that took place at the informal meeting of finance ministers in Gothenburg, the Council will agree conclusions on how public finances are to be brought back into balance in the longer term, i.e. a financial exit strategy. At Gothenburg, ministers agreed on a number of building blocks to be included in the strategy.
Other items on the agenda include a common EU position ahead of the meeting of G20 finance ministers on 6-7 November, continued work on a more effective framework for crisis management in the EU and an agreement on anti-fraud agreements with third countries.
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