Written answers

Wednesday, 4 February 2015

Department of Finance

European Council Meetings

Photo of Paul MurphyPaul Murphy (Dublin South West, Socialist Party)
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13. To ask the Minister for Finance if he will report on the most recent ECOFIN meeting. [4693/15]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The Ecofin Council met on 27thJanuary 2015. It was the first Ecofin meeting held under the Latvian Presidency of the Council.

I represented Ireland at the meeting which was attended by representatives of the other 27 EU Member States along with representatives of the European Commission; the European Central Bank; the European Investment Bank; the Economic and Financial Committee of the Council and the Economic Policy Committee of the Council.

For the information of the House, I will briefly outline the main agenda items that were discussed.

At the Ecofin Breakfastdiscussions, the President of the Eurogroup, as is common practice, briefed the Council on the previous day's Eurogroup.  Ministers also discussed the economic situation, the provision of further macrofinancial assistance to Ukraine and measures to stop the financing of terrorist organisations.

Turning to the formal Agenda, a number of items were approved under the 'A' lists procedure (i.e. without debate)including, the final compromise text of the Anti-Money Laundering Directive and the Regulation on Information which Accompanies Transfer of Funds; on the taxation side, the anti-abuse clause to the Parent/Subsidiaries Directive was adopted; and a recommendation for a regulation amending Regulation (EC) No 2532/98 concerning the powers of the European Central Bank to impose sanctions was adopted.

Ministers discussed the Commission proposal Investment Plan for Europe: European Fund for Strategic Investments Proposal for a Regulation of the European Parliament and of the Council on the European Fund for Strategic Investment and amending Regulations (EU) No 1291/2013 and (EU) 1316/2013. This involves the establishment of a European Fund for strategic investments. Ministers had a preliminary exchange of views with the Presidency stating that it was its objective to reach agreement on the proposal in March 2015.

ECOFIN noted a Presidency report - Current legislative proposals - on the state of play in negotiations on current financial services legislative proposals. 

Ministers were given presentations by the Presidency and Commission respectively on the agenda items - Presentation of the Presidency Work Programme and the Commission Work Programme 2015.

Minsters also discussed two items under the heading of Economic Governance Commission Communications. The first one related to the Six Pack and Two Pack review.

The second related to Flexibility within the existing rules of the Stability and Growth Pact Flexibility - Communication from the Commission to the European Parliament, the Council, the European Central Bank, the Economic and Social Committee, the Committee of the Regions and the European Investment Bank making the best use of the flexibility within the existing rules of the Stability and Growth Pact.

The Commission presented both communications together and there was a broad ranging discussion and all parties agreed that progress had been made in these issues. The Council will come back to these in due course as the Semester process unfolds.

Finally, Ministers adopted the Terms of Reference under the agenda item: Preparation of G20 Meeting of Finance Ministers and Central Bank Governors on 9-10 February 2015 in Istanbul.

As part of the Government's engagement with the Oireachtas on European matters, Minister of State Harris will appear before the Joint Committee on Finance and Public Expenditure on Tuesday 10thFebruary to discuss the outcome of the January ECOFIN Council and the agenda items for the forthcoming February ECOFIN Council.

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