Rådsmøde (økofin) 15. juli 2003 - redegørelse
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Medlemmerne af Folketingets
Europaudvalg
og deres stedfortrædere.
Bilag
Journalnummer
400.C.2-0
EU-sekr.
18. juli 2003
Til underretning for
Folketingets Europaudvalg vedlægges Finansministeriets redegørelse
for
rådsmøde (økonomi- og finansministre) den 15. juli 2003.
2
16. juli 2003
12 NHB
Referat af rådsmødet (ECOFIN) den 15. juli 2003
Dagsordenspunkt:
Det italienske formandskabs ECOFIN-arbejdsprogram, herun-
der det italienske vækstinitiativ
Der var på baggrund
af det italienske formandskabs præsentation
af sit ECOFIN-
arbejdsprogram og indlæg
fra Kommissionen, Den Europæiske Investeringsbank
(EIB)
og Den Økonomiske og Finansielle
Komité (E FC) en drøftelse af bl.a.
det italienske
vækstinitiativ.
Der var generel støtte til
formandskabets prioriteter på det økonomiske og finansielle om-
råde.
For så vidt angår vækstinitiativet var der bred enighed om, at initiativet må
holdes inden
for rammerne af stabilitets- og vækstpagten og fokuseres
på markedsbaserede instrumen-
ter med henblik på økonomisk rentabilitet og
tiltrækning af privat kapital, samt at initiati-
vet bør indgå som led
i gennemførelsen af Lissabon-strategien. Der var udbredt støtte til
det
synspunkt, at de budgetmæssige konsekvenser for EU, EIB og medlemslandene må
analyseres nærmere. En række medlemslande fremførte desuden, at
vækstpotentialet i de
europæiske økonomier i højere grad afhænger af
strukturreformer. Endelig udtrykte flere
medlemslande ønske om, at
initiativet også rettes mod investeringer i forskning og udvik-
ling samt
uddannelse.
Rådet vedtog, i opfølgning af
konklusionerne fra Det Europæiske Råd i
Thessaloniki i
juni 2003, konklusioner (vedlagt), der giver
Kommissionen mandat til i samarbejde med
EIB at udarbejde en foreløbig
rapport forud for rådsmødet (ECOFIN) den 7. oktober og
en endelig rapport
forud for rådsmødet (ECOFIN) den 25. november 2003 med forslag
til et
vækstinitiativ. Endvidere gives EFC mandat til at forberede en vurdering heraf,
her-
under indvirkningen på europæisk produktivitet,
konkurrenceevne og vækst samt den
økonomiske
og finansielle rentabilitet og den mulige indvirkning på EU's, EIB's og med-
lemslandenes budgetter og foreneligheden med stabilitets- og vækstpagten,
med henblik
på at Rådet (ECOFIN) kan fremsende sin vurdering af forslaget
til Det Europæiske Råds
møder i oktober og december 2003.
Dagsordenspunkt:
Stabilitets- og vækstpagten: Det hollandske
stabilitetsprogram
Rådet vedtog udtalelse (vedlagt) om det hollandske
stabilitetsprogram.
I udtalelsen hilses den hollandske regerings indsats for
budgetkonsolidering indeholdt i
budgettet for 2003 samt regeringsaftalen for
2004-2007 velkommen, og det vurderes, at
fuld gennemførelse af de planlagte
konsolideringstiltag vil sikre en tilstrækkelig
sikkerhedsmargen i forhold
til 3 pct.-grænsen for det faktiske budgetunderskud.
Endvidere udtales det,
at den ventede tilpasning af det konjunkturrensede budget ikke
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helt
lever op til princippet om årlige forbedringer på mindst 0,5 pct. af BNP for
eurolande, der endnu ikke har et budget tæt på balance eller i overskud. I
udtalelsen
anbefales det, at de hollandske myndigheder gennemfører de
planlagte tiltag om
forbedring på 0,5 pct. af BNP i 2004, eller mere hvis
det er nødvendigt for at undgå en
væsentlig stigning i underskuddet, og at
det sikres, at den årlige tilpasning i det
konjunkturrensede underskud er
mindst 0,5 pct. af BNP, samt at man er klar til at
iværksætte yderligere
tiltag, hvis det er nødv endigt for at fastholde et budget tæt på
balance eller i overskud på mellemlang sigt.
Dagsordenspunkt:
Udnævnelsen af en ny formand for Den Europæiske Cen-
tralbanks
direktion
Rådet vedtog i opfølgning af konklusionerne fra Det Europæiske
Råds møde i
Thessaloniki i juni 2003 en henstilling, der indstiller
Jean-Claude Trichet til formand for
Den Europæiske Centralbank (ECB) pr. 1.
november 2003 for en periode af otte år, og
iværksatte samtidig
konsultationsproceduren i forhold til Europa-Parlamentet og ECB.
Den
formelle udnævnelse ventes foretaget i oktober 2003 af Rådet i sin
sammensætning
af stats- og regeringschefer.
Dagsordenspunkt:
Finansielle tjenesteydelser: Mandat til rapport om finan-
siel
markedsintegration
Rådet vedtog i opfølgning af rådsmødet (ECOFIN) den 3.
juni 2003 konklusioner (ved-
lagt), der giver Komitéen for Finansielle
Tjenesteydelser (FSC) mandat til det videre ar-
bejde med finansiel
integration. Der skal bl.a. ske en vurdering af de økonomiske gevin-
ster
heraf, især inden for rammerne af den finansielle handlingsplan, og
identifikation af
de områder, hvor yderligere finansiel integration kan give
væsentlige økonomiske gevin-
ster for EU. FSC skal afrapportere herom til
Rådet i foråret 2004.
Dagsordenspunkt:
Internationale
regnskabsstandarder (IAS)
Der var en drøftelse af status på gennemførelsen
af forordningen om anvendelse af inter-
nationale regnskabsstandarder (IAS),
herunder enkelte udeståender vedrørende IAS 32 og
39.
Rådet vedtog
konklusioner (vedlagt), der bl.a. understreger behovet for gennemførelse i
EU af IAS med henblik på ikrafttrædelse pr. 1. januar 2005 og den deraf følgende
vigtig-
hed af hurtig vedtagelse af alle eksisterende IAS, på nær IAS 32 og
39 der bør vedtages
hurtigst muligt herefter. I den forbindelse opfordres
Kommissionen til at anmode 'Inter-
national Accounting Standards Board'
(IASB)om at fortsætte dialogen med repræsentan-
ter for den europæiske
industri for at nå en tilfredsstillende løsning vedrørende IAS 32 og
39, der
muliggør deres planmæssige ikrafttrædelse.
A-punkter
Rådet vedtog bl.a.
direktivet om prospekter, forordning om harmonisering af bruttonati-
onalindkomsten i markedspriser ('BNI-forordningen'),
konklusioner (vedlagt) om Den
Økonomisk-Politiske
Komités (EPC) rapport om strukturreformer i de nye EU-lande og
deres
integration i den økonomisk-politiske koordination samt konklusioner (vedlagt)
om
beskyttelse af euroen mod møntfalskneri og den fremtidige status og
placering af ETSC.
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Rådet traf desuden beslutning om brugen af statistiske
data til fastsættelse af fordelings-
nøglen for kapitalindskud i Den
Europæiske Centralbank.
BILAG
Rådskonklusioner vedr. det italienske
vækstinitiativ
“In light of the European Council Thessaloniki conclusions,
which “took note of
the Commission's intention to launch
an initiative in cooperation with the
European Investment Bank to support growth and
integration by increas-
ing overall investment
and private sector involvement in TENs and major
R&D projects and in this context invites the Italian Presidency
to pursue this
further', and in light of the
Programme of the Italian Presidency for
the
Ecofin, the Council invites the
Commission in cooperation with the EIB, inter
alia taking into account the
work of the high level group on transport TENs
chaired by
Karel Van Miert, to conduct a needs assessment
and make
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proposals for a programme
to support growth and integration by
improving
and/or increasing the overall investment and
private sector involvement in
TENs and
R&D projects. The Council mandates the EFC
to prepare an
assessment of this
analysis, paying particular attention to the
following
aspects:
- The possible impact on the
Community budget, on national budg-
ets
(guarantees, grants, transfers of existing
assets. revenues etc.)
and on the EIB.s capital and
reserve requirements and credit rating, as
well as the compatibility with
macroeconomic stability and sound public
finances including the Stability
and Growth Pact;
- The degree of realisation
of the priority TENs, and the main
ob-
stacles to their implementation;
- The
volume of public and private sector
resources and the ability
to attract
private sector financing for infrastructure and R&D projects;
- Means to optimise the use of
Community funding sources and
their
more effective combination with EIB instruments for infrastructure
financing;
- The possibility to use
innovative instruments for investments in
technology infrastructure, telecommunication,
R&D and innovation,
human capital,
investments by SMEs etc.; and to assess the
possible
inclusion of domestic or municipal
investment projects such as
major transport
infrastructure within the initiative;
- Requirements in
terms of project evaluation
and selection, to
achieve
an optimal use of capital;
- The
economic and financial viability of the
proposals and their po-
tential impact
on productivity, competitiveness and long-term growth in
the European
Union, and the necessity to provide for an efficient alloca-
tion of capital
resources in light of the continuing priority of the Lisbon
agenda and of
the EU enlargement.
An interim report by the
Commission and the EIB should be ready in
time to allow the EFC to assess these reports and to
prepare the Council
discussion of this issue in the Ecofin at its meeting on
7 October 2003, so as
to report to the October European Council meeting. A
final report should be
available to allow the EFC to prepare the assessment
for the Ecofin Council of
25 November in view of the European Council
meeting of 12.13 December.'
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Rådets udtalelse vedr. det hollandske
stabilitetsprogram
"THE COUNCIL OF THE EUROPEAN UNION,
Having regard to
the Treaty establishing the European Community,
Having regard to Council
Regulation (EC) No 1466/97 of 7 July 1997 on the
strengthening of the
surveillance of budgetary positions and the
surveil-
lance and co-ordination of economic
policies2, and in particular Article 5(3)
thereof,
Having
regard to the recommendation of the
Commission, after consult-
ing the Economic
and Financial Committee,
HAS DELIVERED THIS OPINION:
On 15
July 2003 the Council examined the
revised updated stability pro-
gramme of the
Netherlands, which covers the period 2001-2007. The revised
update complies
with the code of conduct on the format and content of stability
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programmes and broadly complies with the
2003 Broad Economic Policy
Guidelines.
In
2002, real GDP growth decelerated sharply
to 0.2%, from 1.3% in 2001,
well below
the forecast included in the 2001 stability programme.
Govern-
ment finances deteriorated
markedly in 2002, mainly in
response to the
economic slowdown. In 2002 the general
government balance showed a defi-
cit of 1.2% of GDP,
compared to a slight surplus of 0.1%
of GDP in
2001. HICP inflation decelerated to 3.9%
on average in 2002, from 5.1% in
2001, to a large extent due to trends in
import prices and the fading of the im-
pact of increases in indirect and
energy taxes in 2001 in the wake of the tax
reform.
The Council
notes that since the presentation of
the initial 2002 updated
stability
programme in December 2002, the macroeconomic projections have
been significantly revised downwards, with a negative impact on
budgetary
conditions. The Council notes that while
the gradual but relatively muted
economic
recovery projected in the programme appears
plausible, risks are
clearly skewed to the downside and
that the expected recovery is contingent
on a pick-up in global demand and
the successful restoration of the com-
petitiveness
of the Dutch market sector. The latter
requires appropriate
wage developments and an increase in the rate of
productivity growth.
The Council welcomes the main elements
of the budgetary framework put
in
place by the new government, which inter
alia encompass the use of
separate
expenditure ceilings defined in real
terms
for the three sub-sectors of government
defined, the rule that ex-
tra revenues
should be exclusively used to reduce the deficit (or the debt
should the deficit disappear), and the requirement that a development of the
general government deficit that would imply
a violation of the Stability and
Growth
Pact has to be countered by additional measures.
The Council notes that in
the central projection of the update the government
balance is expected to
deteriorate initially from a deficit equal
to 1.2% of
GDP in 2002 to a
1.7% deficit in 2004. A subsequent improvement is ex-
pected subsequently to reach a deficit of 0.5% of GDP in 2007. The govern-
ment debt ratio is expected to remain below the level of 60% of GDP and to
remain broadly stable, at around 52½% of GDP in the period 2002-2007.
The Council welcomes the substantial consolidation
effort entailed in the
2003 budget and
in the coalition agreement of the new government for the
period
2004-2007, which in cumulative terms
amounts to 1.2% of GDP in
2003, 1.7% of
GDP in 2004 and up to close to 3% of GDP in 2007. Against
the
background of a steeper economic downturn
than previously ex-
pected, budgetary policies
are expected to lead to an improvement
in
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the cyclically adjusted general
government balance by 1% of GDP between
2002 and 2005. A position
close to balance in cyclically adjusted terms would
be reached in 2005 and
maintained in the two subsequent years. The Council
considers that with the
full implementation of the consolidation measures an-
nounced by
the new government and given normal
macroeconomic fluctua-
tions, a safety margin is provided not to
breach the 3% of GDP deficit thresh-
old.
As far as
the projected changes in the cyclically
adjusted general gov-
ernment balance are
concerned, the Council regrets that in 2003
and
2004 the path of adjustment
falls short of the requirement to reduce the
cyclically adjusted deficit by at least half a percentage point in each year,
al-
beit not by a wide margin. The
Council recommends the Dutch authori-
ties to
implement as planned the announced measures, which
amount to
0.5% of GDP in 2004, or
more if needed to prevent a significant deteriora-
tion in
the deficit, and to ensure that the adjustment in the cyclically adjusted
general government balance is in line with the second specific recommenda-
tion to the euro area (GL 25) in the 2003 BEPGs.
Given the
downside risks attached to the growth
projections, the Council
notes that
additional measures might be needed to ensure that a budgetary
position close to balance or in surplus
would be maintained in the medium
term.
Against this background, the Council
welcomes the readiness of the
Dutch
authorities to take
additional measures to ensure
compliance,
should downside risks materialise.
The Council considers that on the basis
of current policies, the Nether-
lands
appears to be in a
relatively good position to meet the budgetary
costs
associated with ageing. The debt to GDP ratio will continue to decline in
coming years. However, a slight reverse trend of the debt to GDP ratio in the
long run cannot be excluded. To
avoid the risk of imbalances in the
long run, it would be necessary to
fully implement the .Global Agree-
ment., in
particular as regards the reforms in
the social insurance sector
that aim at
increasing participation rates and the
effective retirement
age. The Council
considers that achieving in the longer-term
a surplus
budgetary position would contribute
to ensuring the sustainability of govern-
ment finances in the Netherlands."
9
Rådskonklusioner vedr. mandat til rapport om finansiel
markedsintegration
'On 17 July 2000, the ECOFIN
Council asked the Commission to provide
possible
indicators of progress in realising the economic benefits of an
inte-
grated financial services sector.
On 26 May 2003, the Commission
forwarded to the Council a Staff Working
Paper on "Tracking EU Financial
Integration"3.
On 3 June 2003, the ECOFIN Council held a first exchange of
views on the
basis of this Working Paper.
The Council welcomes the
Commission'sWorking Paper as a useful con-
tribution to a thorough analysis of the
progress made and the benefits to
be
achieved through deeper integration of the
financial services sector in
the EU.
Building on the
analysis in the Working Paper and
taking account of
further Commission
contributions to the work on overall
progress of fi-
nancial integration, the
Council invites the Financial Services Committee:
-
To examine overall progress on financial
integration and its economic
benefits, notably in
the context of the Financial Services Action Plan and
its follow up
10
- to examine those key
areas where further financial
integration
could deliver significant
increased economic benefits to the EU, and to
advise on those areas where
progress needs to be made as a matter of
priority in order to create a truly
integrated financial services market in
the EU
-
to report
back on its work in order to prepare
a political debate in
the Council
during the spring of 2004 on priority areas for further ac-
tion.'
Rådskonklusioner vedr. internationale regnskabsstandarder (IAS)
“1. The Council stresses the importance of the
European financial report-
ing strategy adopted
by Council and Parliament and the need for interna-
tional accounting
standards to be adopted in the EU as soon as possible for
application from 1
January 2005.
2. This strategy can only be
a success if the international accounting
stan-
dards are of the highest quality.
In order to achieve this
objective, and
given the economic
significance of accounting standards for European in-
dustry,
the Council:
- notes that the Commission intends
promptly to consider ways to
enhance
the role and the working process of the European
Financial
Reporting Advisory Group (EFRAG) in order to ensure that
European
concerns are taken into proper
consideration in the international
accounting
standard setting process;
- notes that a review of the International
Accounting Standards Board, an
independent body, to be conducted by the
Board of Trustees of the IAS
Foundation, looking into the structure and
effectiveness of the Founda-
tion, will commence in February 2004;
-
notes that the Commission, as part of that review, intends to urge the In-
ternational Accounting Standards Board (IASB) to ensure that all
par-
ties concerned are given a full opportunity
to participate in the elabo-
ration of the standards, including their
economic impact, and to discuss
11
with the IASB its
present institutional structure to ensure
that it is
conducive to the achievement
of the aforementioned objective;
- asks the Commission to
request the IASB to continue its
dialogue
with representatives of European industries in
order to find a satisfac-
tory and timely solution for the revised IAS 32
and 39 in view of their en-
visaged application.
3. The
Council agrees with the Commission regarding
the importance of an
immediate adoption of all
existing IAS, with IAS 32 and 39 as soon as possible
thereafter. The
adoption of future standards must respect
the quality criteria
set out in the IAS Regulation and be
conducive to the
European public good.'
Rådskonklusioner vedr.
strukturreformer i de nye EU-lande og deres integration i
den
økonomisk-politiske koordination
"The Council welcomes the
EPC report on “Key structural reform
chal-
lenges in the acceding countries',
prepared in response to the mandate
given
by the Council (ECOFIN) in November 2002,
and endorses the re-
port.s main conclusions. The Council
- welcomes the
impressive progress with structural reforms in acceding coun-
tries in
recent years and the ensuing higher real economic growth rates;
-
considers that the acceding countries are
faced with a range of key chal-
lenges, which they will need to confront in order to
achieve real economic
convergence with
current Member States more quickly;
- considers that
the reform challenges do not differ fundamentally in
nature
from those with which current
Member States are faced, but may in
some
cases be more demanding.
The Council considers that, in
particular, major challenges remain with respect
to employment
and incentives to work; competition and
efficiency in goods
and services markets;
completing reforms in financial markets;
continuing
pension and health reform
and accelerating the transition to the
knowl-
edge-based economy. In some acceding
countries the structure of public fi-
nances needs to be reassessed and
rebalanced to better foster growth and
sustainability.
12
The Council considers that the Lisbon Strategy for
economic reforms and its
strategic goal provide an appropriate framework for
the economic policies of
both existing and new Member States.
With a
view to integrating the acceding countries as soon as possible into the
EU.s
structural policy co-ordination processes, the Council considers that ac-
ceding countries should be included into the update of the BEPGs from 2004
and in the BEPG Implementation Report from 2005 and invites the acceding
countries to provide on a voluntary basis .Cardiff reports. on structural
reforms
in goods, services and capital markets for the first time in October
2003."
Rådskonklusioner vedr. beskyttelse af euroen mod møntfalskneri og den
fremtidi-
ge status og placering af ETSC
"In the context
of its conclusions of 28 February 2000
on the technical
scheme for handling
counterfeit euro coins, the Council notes that:
- all Member
States have established Coin National
Analysis Centres
(CNACs) which are
appropriately equipped, carry out analyses of
sus-
pected counterfeit coins as appropriate,
and communicate the relevant in-
formation to the
ECB. The Commission is providing for
the necessary co-
ordination for these actions;
- the
European Technical and Scientific Centre (ETSC) was established on
a
temporary basis as a distinct and
independent administrative entity at the
French Mint and has been operational since
October 2001. The ETSC
uses the
personnel and equipment of the French
Mint and the Commis-
sion has appointed the agreed staff
necessary for its management and opera-
tions.
A status
report on the ETSC has been prepared
by the EU Mint Direc-
tors' Working Group
in collaboration with the Commission after consulting
the ECB. The Council welcomes the report.s positive assessment
on the ac-
tivity of the ETSC, which covers the following areas:
- the
analysis and classification of counterfeit euro coins and the related risk
assessment;
- the collaboration, assistance and training to the CNACs and
the contributions
related to the database on counterfeits established at the
ECB;
13
- the creation of an efficient infrastructure, including
appropriate technical reg-
isters,
- to facilitate the prevention and
repression of coin-related fraud;
- the ETSC.s reports and overall relations
with the law enforcement authori-
ties.
The report also
concludes that the ETSC.s present location
is appropri-
ate, allowing it
to benefit from the expertise
and laboratory of the
French mint; and that the Commission
ensures the appropriate adminis-
trative and institutional
setting in terms of efficiency and independence.
Having regard to the above,
the Council:
1. welcomes progress in implementing
the technical scheme for handling
counterfeit euro coins, including the work of the ETSC;
2.
invites the Commission to continue co-ordinating Member States. technical
work related to the protection of the euro coins and to take the appropriate ac-
tion for ensuring the functioning of the ETSC;
3. requests
the ETSC to continue to carry out its activities using the facilities of
the
French Mint in line with the conditions set out in
the exchange of let-
ters between the
President of the ECOFIN Council and the Minister of Fi-
nance of
the French Republic of 28 February and 9 June 2000; and
4. invites
the Commission to present a proposal
for a Council Decision
aimed at
definitively establishing the ETSC and
at co-ordinating Member
States' technical work in this
area."