COUNCIL OF THE EUROPEAN UNION EN C/07/12 5714/07 (Presse 12) PRESS RELEASE 2778th Council meeting Economic and Financial Affairs Brussels, 30 January 2007 President Mr Peer STEINBRÜCK Federal Minister on Finance of Germany PRESS Rue de la Loi 175 B – 1048 BRUSSELS Tel.: +32 (0)2 281 8716 / 6319 Fax: +32 (0)2 281 8026
[email protected] http://www.consilium.europa.eu/Newsroom 5714/07 (Presse 12) 1 EN 30.I.2007 Main Results of the Council The Council adopted a decision closing the excessive deficit procedure it opened in 2003 with regard to France, after the French government succeeded in reducing its deficit below 3% of gross domestic product (GDP), the maximum threshold set by the EU's stability and growth pact. The Council considered France's deficit -- which stood at 2.9% GDP in 2005, compared with 4.2% two years earlier -- to have been reduced in a credible and sustainable manner, given also that the Commission departments' autumn forecast projects the deficits for 2006, 2007 and 2008 to be reduced further. This was the first meeting of the Ecofin Council since Slovenia joined the euro area. 5714/07 (Presse 12) 2 EN 30.I.2007 CONTENTS1 PARTICIPANTS 4 ITEMS DEBATED PRESIDENCY WORK PROGRAMME 6 EXCESSIVE DEFICIT PROCEDURE - CLOSURE OF THE PROCEDURE FOR FRANCE 7 ECONOMIC AND MONETARY UNION - 2006 CONVERGENCE REPORTS 8 ENLARGEMENT OF THE EURO AREA - ADOPTION OF THE EURO BY SLOVENIA 9 PREPARATION OF THE SPRING MEETING OF THE EUROPEAN COUNCIL 11 – LISBON STRATEGY FOR GROWTH AND JOBS 11 – REDUCING THE ADMINISTRATIVE BURDEN ON