Economic and Financial Affairs Council: round table
End production: 07/10/2008 First transmission: 07/10/2008
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 Giulio Tremonti, Italian Minister for Economy and Finance
||Arrival of László Kovács, Member of the EC in charge of Taxation and Customs Union
||Arrival of Didier Reynders, Belgian Minister for Finance - joining Christine Lagarde, French Minister for the Economy, Industry and Employment, and President in office of the Council (2 shots)
||Christine Lagarde with Didier Reynders and Fernando Teixeira dos Santos, Portuguese Minister for Finance (4 shots)
||Arrival of Charlie McCreevy, Member of the EC in charge of Internal Market and Services
||Christine Lagarde (3 shots)
||General views (2 shots)
||Giulio Tremonti and Charlie McCreevy (2 shots)
||Jean-Claude Juncker, Luxembourgish Prime Minister and Minister for Finance and President of the Eurogroup (2 shots)