Economic and Financial Affairs Council: extracts from the final common press conference by Anders Borg, Swedish Minister for Finance and President in office of the Council, Joaquín Almunia and László Kovács
On the occasion of the Ecofin Council on 20/10/2009, EU Ministers for Finance reached a broad agreement on the creation of a common financial supervision body, but acknowledged the need for further political negotiations before reaching a final agreement, that has been postponed till December 2009. Joaquín Almunia, Member of the EC in charge of Economic and Monetary Affairs, said during the final common press conference, that it is urgent to have this body operation as soon as possible.
They also agreed on the need of designing a 'financial exit strategy' with a precise timetable, even if for the time being, it is necessary to keep an expansionary economic policy. Anders Borg, Swedish Minister for Finance and President in office of the Council, explained that the recovery is still fragile and needs policy support.
The Ministers for Finance discussed the climate change financial need, and what principles are reasonable for dividing the burden of public financing, but failed to reach a deal on climate funding.
László Kovács regretted also the difficulties to reach a tax cooperation agreement between the European Union and Liechtenstein. Two countries, Austria and Luxembourg are blocking the deal.