Andrew Doyle (Wicklow, Fine Gael)
Link to this: Individually | In context | Oireachtas source

184. To ask the Minister for Finance the parameters of the discussions held with ministerial colleagues at the 3252nd Economic and Financial Affairs (ECOFIN) Council meeting in Brussels on 9 July 2013; the agreements reached; if he will provide an update on matters discussed; and if he will make a statement on the matter. [37411/13]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The Ecofin Council met on 9th July 2013; it was the first Ecofin meeting held under the Lithuanian Presidency of the Council. The meeting was attended by representatives of all 28 EU Member States, representatives of the Commission and the European Central Bank, the European Investment Bank (EIB), the Economic and Financial Committee and the Economic Policy Committee. The following issues were discussed.

Lithuanian Presidency Work Programme

The Lithuanian Presidency presented its work programme for Ecofin for the second half of 2013. Financial Services, European Semester, Deepening and Strengthening of Economic and Monetary Union (EMU), Implementation of the newly established economic governance framework, taxation, the 2014 EU Budget and representing the EU at G20 meetings were the main areas identified for action.

Follow-up to the European Council on 27/28 June 2013

Ministers discussed the follow-up to be given to the European Council's meeting on 27 and 28 June as regards (i) instruments proposed by the Commission and the European Investment Bank to support access to finance for SMEs and (ii) the future development of the EU's economic and monetary union.

The European Council on 27-28 June 2013 concluded that SME financing is a key priority and set out a number of measures to be implemented in the light of a report from the Commission and the EIB. This issue would be further discussed at the Informal Ecofin meeting in September, with a final report on funding options submitted by the Presidency to the European Council in October.

Regarding EMU, the Council was briefed by the Commission on preparations for further work, namely on an expected communication on economic policy coordination and a proposal on the ex ante coordination of major economic reforms in the member states.

Adoption of the euro by Latvia

The Council adopted a decision allowing Latvia to adopt the euro as its currency as of 1 January 2014, and set a permanent conversion rate for the Latvian lats against the euro. This decision will extend the euro area to 18 member states.

Economic Governance - two-pack

The Council endorsed two documents relating to the implementation of the "two-pack" of economic governance regulations:

- a code of conduct on enhanced monitoring and assessment of draft budgetary plans of euro area member statesand

- a communication from the Commissionon a harmonised framework for draft budgetary plans and debt issuance reports in the euro area.

The Commission explained the impact of the two-pack in terms of process in the Autumn, including the necessity for Member States to present draft budgets by 15 October.

Follow-up to the G20 Finance Deputies meeting on 6-7 June 2013 in St Petersburg and preparation of G20 meeting of Finance Ministers and Governors of 19-20 July 2013 in Moscow

Ministers endorsed EU terms of reference in preparation for a meeting of G20 Finance Ministers and Central Bank Governors in Moscow on 19 and 20 July. The terms of reference constitute a common position for EU representatives and those member states that participate in the G20. The main topics discussed at the Moscow meeting were the global economy and framework for growth; reform of international financial institutions; financing for investment; taxation issues; and financial regulation and inclusion.

The Presidency and the Commission also reported on a meeting of G20 Finance Deputies held in St Petersburg on 6 and 7 June.

Other business: Legislative proposal on insider dealing and market manipulation (market abuse) (MAR)

The Council took note of a provisional agreement reached with the European Parliament on 20 June on a draft regulation on insider dealing and market manipulation .

Andrew Doyle (Wicklow, Fine Gael)
Link to this: Individually | In context | Oireachtas source

185. To ask the Minister for Finance the parameters of the discussions held with Ministerial colleagues at the Informal Meeting of Ministers for Economic and Financial Affairs in Vilnius, Lithuania from 13 to 14 September 2013; if he will detail any agreements reached; if he will provide an update on matters discussed; and if he will make a statement on the matter. [37418/13]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Under the Lithuanian Presidency, an Informal meeting of the Ecofin Council took place in Vilnius on 13-14 September 2013. Minister of State Brian Hayes deputised for me at the meeting. The meeting was attended by representatives from the Finance Ministries and Central Banks of all 28 EU Member States, representatives of the Commission and the European Central Bank, the European Investment Bank (EIB), the Economic and Financial Committee (EFC) and the Economic Policy Committee (EPC), and invited guests. The following issues were discussed.

Economic outlook and financial stability

The Commission and the European Central Bank reported on the main developments regarding the macro-economic and financial outlook of the euro area and the EU as a whole. Completion of the Banking Union was also discussed, with particular focus on proposals for a Single Resolution Mechanism, the work on which will continue and will be progressed by the Lithuanian Presidency in the weeks and months ahead.

Improving access to finance for SMEs - European policy options

The European Council on 27-28 June 2013 concluded that SME financing is a key priority. Following a proposal made by the Irish Presidency, a High-Level Expert Group on Long-Term Finance and SMEs was established. The focus of the group is on concrete capital market instruments to stimulate and permanently diversify SME and mid-cap financing and the financing of infrastructure projects. The Group produced an interim report in July and will publish its final report in November. Based on the interim report, Ministers had a discussion on which options are best to address the SME financing issue. On foot of this discussion, the Presidency will write to President Van Rompuy in advance of the European Council on 24-25 October.

Follow-up to the G20 Leaders' Summit and preparation of the IMF/World Bank Annual Meetings and G20 ministerial meeting.

This item was primarily for information in the run-up to the IMF and World Bank Annual Meetings. Discussion at the Annual Meetings will focus on the global economy and implementation of ongoing IMF reforms, in particular, on the ratification of the 2010 quota and governance reform as well as the agreement (due by January 2014) on the IMF quota formula and the 15th General Review of Quota.

The Presidency reported on the main outcomes of the G20 Leaders' Summit in St Petersburgh on 5-6 September. While the Summit had been overshadowed by the situation in Syria, a discussion on economic progress had been fruitful and agreement on tax transparency was a major breakthrough with the Leaders renewing their commitment to automatic exchange of information as the new global standard. The G20 Leaders also endorsed the OECD action plan on tax base erosion and profit shifting.

Future shape of financial system - from the Banking Union architecture to efficient structure of financial markets

Ministers had a discussion on the Future of the EU banking system. The focus of the meeting stressed the need for further convergence with the objective to arrest the fragmentation of banking along national lines. To achieve this we need to credibly break the link between the banks and sovereigns, as called for by the European Council.

Bruegel, the Brussels-based think-tank, presented a paper on the future shape of the financial system, highlighting two points: firstly the need for a banking system that is credibly delinked from sovereigns and the further development of other aspects of financial intermediation.

Fight against tax fraud and tax evasion - towards a global standard on automatic exchange of information

The Council had a general discussion on the development of a global standard for the automatic exchange of information between tax authorities. The OECD Secretary General was present for this discussion. Ministers supported this initiative and stressed the importance of a globally co-ordinated approach and that EU initiatives should be totally consistent with approaches being implemented or considered elsewhere.