Economic and Financial Affairs Council (ECOFIN): roundtable
Lieu: Luxembourg (town), Luxembourg - Council
End production: 04/10/2011 First transmission: 04/10/2011
On 4 October, the Economic and Financial Affairs Council is taking place in Luxembourg. It will be called on to agree a general approach on a draft regulation aimed at increasing transparency and reducing risk in the over-the-counter derivatives market.
Arriving at the Council, Didier Reynders, Acting Belgian Deputy Prime Minister and Minister for Finance and Institutional Reforms, reassured customers on the Dexia situation. Dexia has pledged to resolve "structural problems" caused by bad assets it holds after a warning that the Franco-Belgian bank could be downgraded dropped its stock price. The board gave no specifics, but there is speculation the bank could be split up.
The Council is also expected to agree with the text recently voted by the European Parliament on a package of six legislative measures designed to strengthen economic governance in the EU. Amongst the other items on the agenda, the Council is expected to approve an EU position for a meeting of G-20 finance ministers and central bank governors on 13-16 October and to adopt conclusions on climate finance, ahead of the UN conference in Durban, South Africa at the end of November.
Over lunch, ministers will discuss impact assessments of proposals for European legislation.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Anders Borg, Swedish Minister for Finance (2 shots)
||Anders Borg, Wolfgang Schäuble, German Federal Minister for Finance, and Elena Salgado Mendez, Spanish Minister for Economy and Finance (2 shots)
||Cutaway of photographers
||Jean-Claude Trichet, ECB President, and Didier Reynders, Acting Belgian Deputy Prime Minister and Minister for Finance and Institutional Reforms
||Cutaway of cameramen
||Olli Rehn, Member of the EC in charge of Economic and Monetary Affairs
||Jan Vincent Rostowski, Polish Minister for Finance and President in office of the Council
||Olli Rehn and Michel Barnier, Member of the EC in charge of Internal Market and Services
||Didier Reynders and Philippe Maystadt, President of the European Investment Bank Group (2 shots)
||General view of the conference room