dp.4 Ecofin Portuguese priorities EPC 2
Bilaga till dokument från EU-nämnden 2006/07:2736 Till p. 1 (Ekofin)
20 June 2007
Portuguese Presidency of the European Union
July-December 2007
Main Priorities for the Economic and Financial Affairs Council
The Portuguese Presidency of the ECOFIN Council will pursue the three key objectives that were defined together with the German Presidency and the future Slovenian Presidency:
To ensure the efficient and effective management of economic policy
To improve the quality of public finances in the EU
To take further steps towards completing the Internal European Market, in particular with respect to financial services and taxation
In order to achieve the referred strategic objectives, the Portuguese Presidency has defined the following main priorities for the second half of 2007:
Economic Policy oriented towards Growth and Stability
Quality of Public Finances:
The quality of public finances is essential to guarantee the sustainability of economic and social policies and sustainable economic growth. In this context, the enhancement of the fiscal framework in the Member States and the efficiency and effectiveness of expenditures and revenues are the most relevant issues. The Portuguese Presidency will focus primarily on the quality of public finance in its institutional dimension, giving priority to the role that modern and efficient public administrations play in improving the business environment and, hence, their contribution to enhancing competitiveness, economic growth and the citizen’s welfare.
Lisbon Strategy:
The current favourable economic climate should contribute to accelerate the implementation of structural reforms in line with the Lisbon Strategy. In this area, the Portuguese Presidency will devote particular attention to the multilateral surveillance process to be conducted by the EPC, embodied in the evaluation of National Reform Programmes. To this end, we will identify progress in the reorientation of policies with the aim to increase productivity and growth. At the same time the debate on the new three-year cycle of the Lisbon Strategy will be launched in close cooperation with the Slovenian Presidency.
Stability and Growth Pact and the enlargement of the Euro area:
The Presidency will also promote the strict application of the Stability and Growth Pact, as well as the necessary procedures to the enlargement of the Euro area, according to the criteria set out in the Treaty. In line with this these guidelines, the July Ecofin Council will approve the legislative acts that will enable Cyprus and Malta to adopt the euro beginning on January 1, 2008.
Better Regulation to improve competitiveness
A legislative and regulatory environment which enhances economic activity through improvements in productivity, competitiveness, competition and innovation is a key vector in achieving the goals of the Lisbon Strategy. The reduction of the administrative burden for companies, especially for SME’s, is perceived as particularly important, either through the simplification of rules, the modernization of current legislation and the screening of new legislative initiatives through the use of cost-benefit analysis. Following on the work of previous Presidencies, Portugal will also dedicate its best efforts to this important issue.
Stepping forward towards completing the Internal Market
Taxation:
The Portuguese Presidency will promote the definition of an EU strategy to fight against tax fraud, which jeopardizes competition at the European and national levels, deteriorates the quality of public finances and endangers the achievement of the Lisbon Strategy goals. The Presidency attaches particular importance to the contribution of tax policies to tackle climate change and to achieve the EU targets on the reduction of greenhouse-gases emission. In this regard, car taxation will receive special attention. The Presidency will also pursue the work aiming to the adoption of the VAT package and on the application of reduced VAT rates.
Financial Markets Integration:
The Portuguese Presidency aims to accomplish significant progress in the European strategy for financial services, as integrated and efficient financial markets are essential to strengthen the EU’s economic competitiveness. Therefore, the Presidency will work towards an agreement concerning the revision of the EU solvency regime in the insurance sector (Solvency II), and it will also promote the deepening of the financial stability framework and the efficiency of the regulatory and supervisory structures (Lamfalussy Process). Moreover, the Council will devote attention to the enhancement of market integration in securities transactions and retail financial services, and in the development of the venture capital industry. Furthermore, the Presidency will support the development of a regulatory dialogue with the main partners at the global level.
EU Budget
Concerning the EU Budget the priority of the Portuguese Presidency will be to assure the agreement and subsequent approval of the 2008 Budget by the European Parliament. This will allow the financing of European policies and priorities, within the framework of the Inter-Institutional agreement on budgetary discipline and sound management.
PROVISIONAL AGENDA
ECONOMIC AND FINANCIAL AFFAIRS COUNCIL
BRUSSELS – 10 JULY 2007
- Presidency Work Programme
= Presentation
- Implementation of the Stability and Growth Pact (restricted session)
- (poss.) Adoption of the Euro
= Adoption of legal acts
- Public Finances in EMU 2007 – Improving the effectiveness of the preventive arm of the Stability and Growth Pact
= Council Conclusions
- Relations with Third Countries
a) Follow up to the EU-US Summit
= Debriefing by the Presidency and the Commission
b) Dialogues with Other Third Countries: Economic, financial and regulatory aspects
= Information by the Commission and exchange of views
- International Accounting Standards Board: governance and financing
= Council Conclusions
- (poss.) Global Navigation Satellite System (GALILEO): Financing aspects
= Exchange of views
p.m.
Monday 9 July 2007
17h00: Eurogroup
Tuesday 10 July 2007
09h30: Breakfast on Economic Situation
PROVISIONAL AGENDA
ECONOMIC AND FINANCIAL AFFAIRS (BUDGET) COUNCIL
BRUSSELS – 13 JULY 2007
- Preparation of the conciliation meeting with the European Parliament
- Establishment by the Council of the draft budget of the European Union for 2008
- A.O.B.
______________
Comment:
This is the customary "first reading" by the Council, preceded by a conciliation meeting with the EP.
PROVISIONAL AGENDA
ECONOMIC AND FINANCIAL AFFAIRS COUNCIL
LUXEMBOURG – 9 OCTOBER 2007
- (poss.) Implementation of the Stability and Growth Pact (restricted session)
- Better Regulation: Improving competitiveness
= Council conclusions
- Flexicurity: Economic Aspects
= Exchange of Views
- Financial Services
a) Clearing and Settlement
= Council conclusions
b) EU arrangements for financial stability
= Council conclusions
p.m.
- Eurogroup (8 October 2007)
- Macroeconomic Dialogue (8 October 2007 or 12 November 2007)
PROVISIONAL AGENDA
ECONOMIC AND FINANCIAL AFFAIRS COUNCIL
BRUSSELS – 13 NOVEMBER 2007
- (poss.) Implementation of the Stability and Growth Pact (restricted session)
- Lisbon Strategy: The new three year cycle
= Exchange of views
- European Growth Initiative: Mid-term Review
= Council conclusions
- Quality of Public Finances
= Council conclusions
- Globalisation: capital and labour flows
- Report by the Commission on migration
= Exchange of views
- Single Market Review
= Council conclusions
- Statistics
a) Statistical Governance
= Political agreement
b) 2007 Status Report
= Council conclusions
c) Reduction of the statistical burden
= Council conclusions
d) Proposal by the Committee for Monetary, Financial and Balance of Payments Statistics on public communication of major statistical revisions
= Council conclusions
- Taxation
a) Reduced VAT rates
= Political agreement/Council conclusions
b) VAT Package
= Adoption
c) Excise Duties: car taxation
= Political agreement/Adoption
- Financial Management
Presentation of the Annual Report Concerning the Financial Year 2006 by the Court of Auditors
p.m.
- Eurogroup (12 November 2007)
- Ministerial Meeting with the EFTA Countries (13 Novembro 2007)
- Macro-Economic Dialogue (8 October 2007 or 12 November 2007)
- Meeting of the ECOFIN-Troika with Representatives of the European Parliament (12 November 2007)
PROVISIONAL AGENDA
ECONOMIC AND FINANCIAL AFFAIRS (BUDGET) COUNCIL
BRUSSELS – 23 NOVEMBER 2007
- Preparation of the conciliation meeting with the European Parliament
- Letter of amendment to the preliminary draft budget for 2008
- Draft EU Budget for 2008 as amended and accompanied by proposals for modifications by the European Parliament: second reading
- A.O.B.
_______________
Comment:
This is the customary "second reading" by the Council, preceded by a conciliation meeting with the EP.
PROVISIONAL AGENDA
ECONOMIC AND FINANCIAL AFFAIRS COUNCIL
BRUSSELS – 4 DECEMBER 2007
- (poss.) Implementation of the Stability and Growth Pact (restricted session)
- The Lisbon multilateral surveillance
= Council Conclusions
- Financial Services
a) Directive on the solvency of insurance companies (Solvency II)
= General approach
b) Lamfalussy review
= Council Conclusions
c) Risk Capital
= Council Conclusions
- Taxation
a) Fight against tax fraud
= Council Conclusions
b) Code of Conduct
= Report to the Council
p.m.
- Eurogroup (3 December 2007)
Portuguese Presidency of the European Union
July-December 2007
Main Priorities for the Economic and Financial Affairs Council
The Portuguese Presidency of the ECOFIN Council will pursue the three key objectives that were defined together with the German Presidency and the future Slovenian Presidency:
To ensure the efficient and effective management of economic policy
To improve the quality of public finances in the EU
To take further steps towards completing the Internal European Market, in particular with respect to financial services and taxation
In order to achieve the referred strategic objectives, the Portuguese Presidency has defined the following main priorities for the second half of 2007:
Economic Policy oriented towards Growth and Stability
Quality of Public Finances:
The quality of public finances is essential to guarantee the sustainability of economic and social policies and sustainable economic growth. In this context, the enhancement of the fiscal framework in the Member States and the efficiency and effectiveness of expenditures and revenues are the most relevant issues. The Portuguese Presidency will focus primarily on the quality of public finance in its institutional dimension, giving priority to the role that modern and efficient public administrations play in improving the business environment and, hence, their contribution to enhancing competitiveness, economic growth and the citizen’s welfare.
Lisbon Strategy:
The current favourable economic climate should contribute to accelerate the implementation of structural reforms in line with the Lisbon Strategy. In this area, the Portuguese Presidency will devote particular attention to the multilateral surveillance process to be conducted by the EPC, embodied in the evaluation of National Reform Programmes. To this end, we will identify progress in the reorientation of policies with the aim to increase productivity and growth. At the same time the debate on the new three-year cycle of the Lisbon Strategy will be launched in close cooperation with the Slovenian Presidency.
Stability and Growth Pact and the enlargement of the Euro area:
The Presidency will also promote the strict application of the Stability and Growth Pact, as well as the necessary procedures to the enlargement of the Euro area, according to the criteria set out in the Treaty. In line with this these guidelines, the July Ecofin Council will approve the legislative acts that will enable Cyprus and Malta to adopt the euro beginning on January 1, 2008.
Better Regulation to improve competitiveness
A legislative and regulatory environment which enhances economic activity through improvements in productivity, competitiveness, competition and innovation is a key vector in achieving the goals of the Lisbon Strategy. The reduction of the administrative burden for companies, especially for SME’s, is perceived as particularly important, either through the simplification of rules, the modernization of current legislation and the screening of new legislative initiatives through the use of cost-benefit analysis. Following on the work of previous Presidencies, Portugal will also dedicate its best efforts to this important issue.
Stepping forward towards completing the Internal Market
Taxation:
The Portuguese Presidency will promote the definition of an EU strategy to fight against tax fraud, which jeopardizes competition at the European and national levels, deteriorates the quality of public finances and endangers the achievement of the Lisbon Strategy goals. The Presidency attaches particular importance to the contribution of tax policies to tackle climate change and to achieve the EU targets on the reduction of greenhouse-gases emission. In this regard, car taxation will receive special attention. The Presidency will also pursue the work aiming to the adoption of the VAT package and on the application of reduced VAT rates.
Financial Markets Integration:
The Portuguese Presidency aims to accomplish significant progress in the European strategy for financial services, as integrated and efficient financial markets are essential to strengthen the EU’s economic competitiveness. Therefore, the Presidency will work towards an agreement concerning the revision of the EU solvency regime in the insurance sector (Solvency II), and it will also promote the deepening of the financial stability framework and the efficiency of the regulatory and supervisory structures (Lamfalussy Process). Moreover, the Council will devote attention to the enhancement of market integration in securities transactions and retail financial services, and in the development of the venture capital industry. Furthermore, the Presidency will support the development of a regulatory dialogue with the main partners at the global level.
EU Budget
Concerning the EU Budget the priority of the Portuguese Presidency will be to assure the agreement and subsequent approval of the 2008 Budget by the European Parliament. This will allow the financing of European policies and priorities, within the framework of the Inter-Institutional agreement on budgetary discipline and sound management.
PROVISIONAL AGENDA
ECONOMIC AND FINANCIAL AFFAIRS COUNCIL
BRUSSELS – 10 JULY 2007
- Presidency Work Programme
= Presentation
- Implementation of the Stability and Growth Pact (restricted session)
- (poss.) Adoption of the Euro
= Adoption of legal acts
- Public Finances in EMU 2007 – Improving the effectiveness of the preventive arm of the Stability and Growth Pact
= Council Conclusions
- Relations with Third Countries
a) Follow up to the EU-US Summit
= Debriefing by the Presidency and the Commission
b) Dialogues with Other Third Countries: Economic, financial and regulatory aspects
= Information by the Commission and exchange of views
- International Accounting Standards Board: governance and financing
= Council Conclusions
- (poss.) Global Navigation Satellite System (GALILEO): Financing aspects
= Exchange of views
p.m.
Monday 9 July 2007
17h00: Eurogroup
Tuesday 10 July 2007
09h30: Breakfast on Economic Situation
PROVISIONAL AGENDA
ECONOMIC AND FINANCIAL AFFAIRS (BUDGET) COUNCIL
BRUSSELS – 13 JULY 2007
- Preparation of the conciliation meeting with the European Parliament
- Establishment by the Council of the draft budget of the European Union for 2008
- A.O.B.
______________
Comment:
This is the customary "first reading" by the Council, preceded by a conciliation meeting with the EP.
PROVISIONAL AGENDA
ECONOMIC AND FINANCIAL AFFAIRS COUNCIL
LUXEMBOURG – 9 OCTOBER 2007
- (poss.) Implementation of the Stability and Growth Pact (restricted session)
- Better Regulation: Improving competitiveness
= Council conclusions
- Flexicurity: Economic Aspects
= Exchange of Views
- Financial Services
a) Clearing and Settlement
= Council conclusions
b) EU arrangements for financial stability
= Council conclusions
p.m.
- Eurogroup (8 October 2007)
- Macroeconomic Dialogue (8 October 2007 or 12 November 2007)
PROVISIONAL AGENDA
ECONOMIC AND FINANCIAL AFFAIRS COUNCIL
BRUSSELS – 13 NOVEMBER 2007
- (poss.) Implementation of the Stability and Growth Pact (restricted session)
- Lisbon Strategy: The new three year cycle
= Exchange of views
- European Growth Initiative: Mid-term Review
= Council conclusions
- Quality of Public Finances
= Council conclusions
- Globalisation: capital and labour flows
- Report by the Commission on migration
= Exchange of views
- Single Market Review
= Council conclusions
- Statistics
a) Statistical Governance
= Political agreement
b) 2007 Status Report
= Council conclusions
c) Reduction of the statistical burden
= Council conclusions
d) Proposal by the Committee for Monetary, Financial and Balance of Payments Statistics on public communication of major statistical revisions
= Council conclusions
- Taxation
a) Reduced VAT rates
= Political agreement/Council conclusions
b) VAT Package
= Adoption
c) Excise Duties: car taxation
= Political agreement/Adoption
- Financial Management
Presentation of the Annual Report Concerning the Financial Year 2006 by the Court of Auditors
p.m.
- Eurogroup (12 November 2007)
- Ministerial Meeting with the EFTA Countries (13 Novembro 2007)
- Macro-Economic Dialogue (8 October 2007 or 12 November 2007)
- Meeting of the ECOFIN-Troika with Representatives of the European Parliament (12 November 2007)
PROVISIONAL AGENDA
ECONOMIC AND FINANCIAL AFFAIRS (BUDGET) COUNCIL
BRUSSELS – 23 NOVEMBER 2007
- Preparation of the conciliation meeting with the European Parliament
- Letter of amendment to the preliminary draft budget for 2008
- Draft EU Budget for 2008 as amended and accompanied by proposals for modifications by the European Parliament: second reading
- A.O.B.
_______________
Comment:
This is the customary "second reading" by the Council, preceded by a conciliation meeting with the EP.
PROVISIONAL AGENDA
ECONOMIC AND FINANCIAL AFFAIRS COUNCIL
BRUSSELS – 4 DECEMBER 2007
- (poss.) Implementation of the Stability and Growth Pact (restricted session)
- The Lisbon multilateral surveillance
= Council Conclusions
- Financial Services
a) Directive on the solvency of insurance companies (Solvency II)
= General approach
b) Lamfalussy review
= Council Conclusions
c) Risk Capital
= Council Conclusions
- Taxation
a) Fight against tax fraud
= Council Conclusions
b) Code of Conduct
= Report to the Council
p.m.
- Eurogroup (3 December 2007)