Spanish Prime Minister presents the EU presidency work programme - special focus on the reform of the European financial market
20 January 2010
Mr Zapatero affirmed that his main concern will be to consolidate the economic recovery. On financial services policy, the Presidency will increase its efforts to negotiate the CRD and to foster an agreement within the Council to negotiate the AIFMD with the European Parliament.
The Spanish Prime Minister, José Luis Rodríguez Zapatero, appeared before the European Parliament today to present the work programme that will steer the Government's presidency of the EU over the next six months.
He stated that, faced with new competitors on the world stage such as China, Brazil and India, the European Union must believe in itself, its own companies and workforce. Europe, he said, must also have confidence in its foreign relations to defend European interests.
“If we do not take advantage of our size and ours strengths, we shall not be leaders but mere spectators”, he added.
The Prime Minister went on to list some of those strengths, which according to him included the fact that the EU represents a large portion of the world GDP, that it is the world's leading exporter - second only to the USA in R&D investment - and that it provides nearly 60% of world development aid.
On the Presidency's work programme, Mr Zapatero affirmed that its main concern over his six months in office will be to consolidate the economic recovery and to lay the groundwork for sustainable growth that will enable the creation of stable jobs in Europe once again.
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Council of Economic and Financial Affairs work programme
Consolidating the economic recovery and laying down the foundations for a more sustainable growth model are two of the main challenges to be faced by the EU in 2010.
The Spanish Presidency will continue working on the development of strategies to exit the crisis, both in the fiscal and financial spheres, applying the criteria adopted by the Council. Therefore, from the fiscal perspective, the withdrawal of the extraordinary measures will be coordinated within the framework of the Stability and Growth Pact, with deadlines tailored to the circumstances of each Member State. In the financial sphere, the extraordinary measures will be withdrawn in a coordinated manner when so advised by domestic conditions. The European Council will be notified in June 2010 about the progress made.
The economic and financial crisis has evidenced the weaknesses of the current growth model and the need to achieve a more sustainable growth that may respond to the challenges faced by the EU. The new EU 2020 Growth and Employment Strategy will play an essential role in this perspective. Its implementation is one of the top priorities for the Spanish Presidency’s economic policy. In addition to the structural reforms, the improvement of the financial sector’s regulation and supervision is one of the backbones to overcome the crisis.
Special focus will be placed on the measures aimed at the reform of the European financial market, including the endorsement of the Commission’s Financial Services priorities during the 2010-2015 period with a longer term financial markets integration outlook.
Hence, the Spanish Presidency will work jointly with the European Parliament to put in place, as soon as possible in 2010, the new financial supervisory framework, endorsed by the Council in December 2009. We shall also put our efforts into negotiating the Capital Requirement Directive and shall foster the agreement within the Council to negotiate the Alternative Investment Funds Managers Directive. Priority will also be given to the progress made regarding crisis management measures in financial institutions. Current work related to the Deposits Guarantee Fund will be particularly addressed.
In financial sphere the Spanish Presidency wishes to foster, inter alia, the following priorities: the reform of the market abuse directive to improve the relevant information communication scheme, the upgrading of regulations applicable to prospectus required for public offers and for admission to trading on regulated markets, the improvement of investors’ compensation scheme, the regulation of the so-called pre-packaged investment products (financial products marketed outside the scope of sectorial directives), and the regulation of OCT derivatives markets. A revision of the Financial Conglomerates Directive is also foreseen as well as progress in the internal market of retail financial services.
In addition, we will closely follow-up the implementation of the Internal Market Strategy Review, the Regulation Improvement and the Services Directive. The Macroeconomic Dialogue and the reinforcement of the national budgetary frameworks are issues of renewed value in the current crisis scenario that will also be given appropriate consideration.
Periodic assessment of the convergence processes of non-single currency Member States, with no derogation, and the progress achieved in fulfilling the necessary conditions for the adoption of the euro will continue.
Most of the negotiation of the EIB external Mandates will be carried out. The Spanish Presidency will prioritise the LAA (Latin America and Asia) Mandate and the Facility for Euro- Mediterranean Investment and Partnership (FEMIP).
In terms of Budgetary Policy, the Spanish Presidency will start the triennial revision of the Financial Regulation enabling, to incorporate the new budgetary provisions of the Treaty of Lisbon as well as the negotiation of the Multiannual Financial Framework Regulation included therein, once the Commission submits its proposal.
With regard to direct taxation, priority will be given to improving tax information exchange mechanism and cooperation among tax administrations; i.e., the Taxation of Savings Directive, the Administrative Cooperation Directive and the Direct Tax Directive on Mutual Assistance. In terms of indirect taxation, priorities are focused on the fight against intra-Community fraud, reduction of administrative burdens, the new proposal for the Directive on rules of electronic invoicing and the proposals for Directives aimed at energy efficiency, such as the review of the Directive on energy taxation. Similarly, administrative cooperation on excise duties will be promoted through the implementation of the Excise Movement Control System (EMCS). Finally, the study of the possibility to decentralise indirect taxation will be proposed.
Official economic statistics will continue to be developed. The application of the Code of Good Practices and the improvement in the quality, reliability, transparency and efficiency of statistical processes and products will also be facilitated.
