ECOFIN Council to focus mainly on the response to the financial crisis
C. Lagarde - P. Steinbrück
© Le Conseil de l'Union européenne
- On: 04.11.2008
- In: Bruxelles
The financial crisis is at the heart of the ECOFIN Council discussions and meetings with European social partners and EFTA countries (European Free Trade Association).
The twenty-seven EU finance and economy ministers are meeting with the European Commission and European Central Bank (ECB) on 4 November for the ECOFIN Council, which was preceded by a Eurogroup meeting on 3 November.
In view of the latest developments on the financial markets and the initiatives taken by Heads of State and Government, notably at the European Council of 15 and 16 October, the discussions at the Economic and Financial Affairs (ECOFIN) Council will focus mainly on the financial crisis and the reform of the international financial architecture. The ministers will also analyse the current economic and financial situation and examine the impact of the financial crisis on the real economy. Lastly, the ECOFIN Council will work on drafting European proposals for reforming the international financial system, which will be on the agenda of forthcoming international meetings.
In addition to discussing how to resolve the financial crisis, the ministers are continuing their work on taxation, particularly on the reduced VAT rates on labour-intensive services.
During a working lunch of the ECOFIN Council, representatives of sovereign wealth funds will be invited to talk about their progress in terms of transparency and governance.
Lastly, the ECOFIN Council is meeting with the EFTA countries (Norway, Leichtenstein, Switzerland and Iceland). In a tense economic and financial context, the EU and EFTA ministers are sharing their analyses of the financial crisis and discussing the achievements and the remaining challenges with regard to international financial cooperation.
Alongside these meetings, Christine Lagarde, the French Minister for the Economy, is chairing the macroeconomic dialogue, featuring exchanges between European social partners and authorities of the euro zone, the Eurogroup President, Jean-Claude Juncker, and the ECB President, Jean-Claude Trichet. The social partners are invited to present their views of the effects of the financial crisis and the economic slowdown on prices and wages in Europe.
Main results of the ECOFIN Council of 4 November 2008
News flash : ECOFIN Council reaches political agreement to increase EU financial assistance to 25 billion Euros for Member States in financial difficulty.
News flash : The ECOFIN Council has approved financial assistance of 6.5 billion Euros to Hungary to bolster the programme concluded with the International Monetary Fund (IMF).
News flash : VAT: Political agreement of the ECOFIN Council to create a system for the exchange of information to more effectively combat fraud linked to intra-Community transactions.
- Updated: 07.01.2009
