The financial crisis was at the edge of the ECOFIN Council of 7 October 2008 which was an opportunity to prepare the European Council of 15 and 16 October.
The European Ministers for Finance should submit to the Heads of State and Government their analyses and proposals on how to respond to the financial crisis, rising oil prices and the economic slowdown. They will aim to reach conclusions on improving the governance of the Economic and Monetary Union.
The ECOFIN Council examined best practices concerning the remuneration of company managers in Europe, particularly the definition of remuneration arrangements that could prevent excessive risk-taking in the financial sector. Besides these issues directly linked to the economic and financial situation, the Ministers continued to discuss the main tax and financial harmonisation projects underway: the proposed "Solvency II" directive on the solvency requirements for insurance companies, and the setting up of Eurofisc, a cooperation network between Member States to combat VAT fraud. The Ministers were also expected to discuss the proposals for amending the VAT Directive and the Regulation on administrative cooperation with a view to combating VAT fraud.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Arrival of János Veres, Hungarian Minister for Finance
||Arrival of Christine Lagarde, French Minister for the Economy, Industry and Employment, and President in office of the Council
||Arrival of Miroslav Kalousek, Czech Minister for Finance
||Arrival of László Kovács, Member of the EC in charge of Taxation and Customs Union
||Cutaway of press
||Arrival of Pedro Solbes Mira, Spanish Minister for Economy and Finance
||Arrival of a German representative;
and speaking (in GERMAN) saying that they have had very intensive discussions the previous night at the Eurogroup on the financial crisis; they have endorsed the message of the European leaders' meeting in Paris; this has been brought on an enlarged basis and must now been discussed at 27 Member States
||Arrival of Wouter Bos, Dutch Minister for Finance;
and speaking (in ENGLISH) on the question of The Netherlands applying on Fortis the financial principles agreed the previous night; saying that they they have already started to do so;
on the question of the Stability Pact staying; saying that of course it will stay and it is already applied; the Pact already allows for extraordinary circumstances, so it can be applied as it is
||Arrival of Fernando Teixeira dos Santos, Portuguese Minister for Finance
||Arrival of Jean-Claude Trichet, President of the European Central Bank
||Arrival of Giulio Tremonti, Italian Minister for Economy and Finance
||Cutaway of a cameraman
||Arrival of Joaquín Almunia, Member of the EC in charge of Economic and Monetary Affairs
||Arrival of Charlie McCreevy, Member of the EC in charge of Internal Market and Services