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Economic and Financial Affairs Brussels, 30 January 2007

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Economic and Financial Affairs Brussels, 30 January 2007 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 BUSINESSES 11 MEETINGS IN THE MARGINS OF THE COUNCIL 12 OTHER ITEMS APPROVED ECONOMIC AND FINANCIAL AFFAIRS EU guarantee fund for external actions* 13 VAT - Romania - Repair of clothing and household linen, domestic care services 13 VAT - Denmark and Sweden - Öresund bridge 13 VAT - Estonia, Slovenia, Sweden and United Kingdom - Cash accounting scheme 14 EU budget - Technical adjustment for 2007 14 EXTERNAL RELATIONS Terrorist list - Follow-up to court ruling in OMPI case 14 GENERAL AFFAIRS Investment projects in Bulgaria and Romania - Council conclusions 15 RESEARCH Euratom/Japan agreement on nuclear fusion – ITER project 16 1 Where declarations, conclusions or resolutions have been formally adopted by the Council, this is indicated in the heading for the item concerned and the text is placed between quotation marks. The documents whose references are given in the text are available on the Council's Internet site http://www.consilium.europa.eu. Acts adopted with statements for the Council minutes which may be released to the public are indicated by an asterisk; these statements are available on the abovementioned Council Internet site or may be obtained from the Press Office. 5714/07 (Presse 12) 3 EN 30.I.2007 PARTICIPANTS The Governments of the Member States and the European Commission were represented as follows: Belgium: Mr Didier REYNDERS Deputy Prime Minister and Minister for Finance Bulgaria: Mr Plamen Vassiler ORESHARSKI Minister for Finance Czech Republic: Mr Tomáš ŽIDEK Deputy Minister for Finance Denmark: Mr Thor PEDERSEN Minister for Finance Germany: Mr Peer STEINBRÜCK Federal Minister for Finance Mr Thomas MIROW State Secretary, Federal Ministry of Finance Estonia: Mr Aivar SÕERD Minister for Finance Ireland: Mr Brian COWEN Minister for Finance Greece: Mr Georgios ALOGOSKOUFIS Minister for Economic Affairs Spain: Mr Pedro SOLBES MIRA Second Deputy Prime Minister and Minister for Economic Affairs and Finance France: Mr Thierry BRETON Minister for Economic Affairs, Finance and Industry Italy: Mr Tommaso PADOA SCHIOPPA Minister for Economic Affairs and Finance Cyprus: Mr Michalis SARRIS Minister for Finance Latvia: Mr Oskars SPURDZIŅŠ Minister for Finance Lithuania: Mr Zigmantas BALČYTIS Minister for Finance Luxembourg: Mr Jean-Claude JUNCKER Prime Minister, "Ministre d'Etat", Minister for Finance Mr Jeannot KRECKÉ Minister for Economic Affairs and Foreign Trade, Minister for Sport Hungary: Mr János VERES Minister for Finance Malta: Mr Lawrence GONZI Prime Minister, Minister for Finance Netherlands: Mr Gerrit ZALM Deputy Prime Minister, Minister for Finance Austria: Mr Wilhelm MOLTERER Vice Chancellor and Federal Minister for Finance Poland: Ms Marta GAJĘCKA Deputy State Secretary, Ministry of Finance Portugal: Mr Emanuel AUGUSTO SANTOS State Secretary for the Budget, attached to the Minister for Finance 5714/07 (Presse 12) 4 EN 30.I.2007 Romania: Mr Sebastian Teodor Gheorghe VLĂDESCU Minister for Public Finance Slovenia: Mr Andrej BAJUK Minister for Finance Slovakia: Mr Ján POČIATEK Minister for Finance Finland: Mr Eero HEINÄLUOMA Deputy Prime Minister, Minister for Finance Mr Pertti RAUHIO Secretary of State, Ministry of Finance Sweden: Mr Anders BORG Minister for Finance United Kingdom: Mr Gordon BROWN Chancellor of the Exchequer Commission: Mr Joaquin ALMUNIA Member Other participants: Mr Jean-Claude TRICHET President of the European Central Bank Mr Philippe MAYSTADT President of the European Investment Bank Mr Xavier MUSCA Chairman of the Economic and Financial Committee Mr Joe GRICE President of the Economic Policy Committee 5714/07 (Presse 12) 5 EN 30.I.2007 ITEMS DEBATED PRESIDENCY WORK PROGRAMME The Council took note of the German presidency's presentation of a work programme for economic and financial affairs for the duration of its mandate until the end of June (17082/06) . It held a brief policy debate. Together with its partner countries Portugal and Slovenia, which will preside over the Council during the second half of 2007 and the first half of 2008 respectively, Germany will focus the Council's work over the next 18 months on the following core issues: – ensuring efficient and effective procedures for fiscal and economic policy coordination; – further steps towards completion of the internal market, in particular with regard to financial services and taxation; – improving the quality of public finances. 5714/07 (Presse 12) 6 EN 30.I.2007 EXCESSIVE DEFICIT PROCEDURE - CLOSURE OF THE PROCEDURE FOR FRANCE The Council closed 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. It adopted a decision, under article 104(12) of the Community treaty, abrogating decision 2003/487/EC on the existence of an excessive deficit in France. The Council considered France's deficit -- which stood at 2.9% GDP in 20051, compared with 4.2% in 2003 -- 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 20082 to be further reduced further. It notes, however, that France's government debt amounted to 65.4% of GDP in the second quarter of 2006 -- above the EU's 60% reference value -- and is projected to remain at 63% in 2008. The excessive deficit procedure was opened after France ran up a deficit in 2002 amounting to 3.2% of GDP. Decision 2003/487/EC was adopted by the Council in January 2003, under article 104(6) of the treaty, along with a recommendation under article 104(7) setting out measures to correct it. 1 According to data provided by Eurostat. 2 On a no-policy-change basis 5714/07 (Presse 12) 7 EN 30.I.2007 ECONOMIC AND MONETARY UNION - 2006 CONVERGENCE REPORTS The Council took note of the presentation by the Commission and the European Central Bank of reports on the degree of convergence with the euro area achieved by 2006 by nine member states that are not members of the euro area (docs. 16498/06 + 16361/061). The reports, which are issued every two years or at the request of a member state, examine: a) the compatibility of the member state's legislation with treaty provisions and with the statute of the European system of central banks; b) the fulfilment by the member state of convergence criteria, regarding inflation, government budgetary position, exchange rate stability and long-term interest rates. Fulfilment of all criteria and all obligations by a member state is the condition for joining the euro area, as was recently the case with Slovenia, which adopted the euro as its currency on 1 January. The reports however conclude that at the time they were assessed, the nine member states covered - - the Czech Republic, Estonia, Cyprus, Latvia, Hungary, Malta, Poland, Slovakia and Sweden -- did not fulfil all of the convergence criteria, and that there should therefore be no change in their status at this stage. Lithuania is not included in the two reports as it was assessed, at its request, in May 2006. 1 The text can be found at: http://www.ecb.int/pub/convergence/html/index.en.html 5714/07 (Presse 12) 8 EN 30.I.2007 ENLARGEMENT OF THE EURO AREA - ADOPTION OF THE EURO BY SLOVENIA The Council was briefed by the Slovenian delegation, the Commission and the European Central Bank on experience gained so far regarding introduction of the euro in Slovenia, which adopted the euro as its currency on 1 January. 5714/07 (Presse 12) 9 EN 30.I.2007 PREPARATION OF THE SPRING MEETING OF THE EUROPEAN COUNCIL – LISBON STRATEGY FOR GROWTH AND JOBS The Council -- with a view to the European Council's annual review of the EU's Lisbon strategy for growth and jobs at its meeting on 8 and 9 March -- held an orientation debate focusing on: – a draft Council key issues paper prepared by the presidency; – the Commission's annual progress report on implementation of the Lisbon strategy; – the 2007 update of the EU's broad economic policy guidelines for the 2005-08 period. The Commission's report highlights encouraging progress in implementation of the Lisbon strategy, although the performance varies by member state and by policy area covered.
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