Economic and Financial Affairs Council (ECOFIN):
Extracts from the arrivals and doorsteps
Lieu: Brussels, Belgium - Council
End production: 13/11/2012 First transmission: 13/11/2012
Ministers will first meet their counterparts from EFTA: Iceland, Liechtenstein, Norway and Switzerland.
They will then hold a breakfast meeting to discuss the economic situation, as well as international accounting issues.
The Council will consider a number of legislative dossiers:
Financial services: bank supervision (update on progress and exchange of views, with a view to reaching an agreement in December) and bank capital requirements (update on negotiations with the European Parliament);
Economic governance: "two-pack" (update on progress and adjustment of negotiating mandate);
Taxation: financial transaction tax (update on progress on enhanced cooperation).
Amongst the other items on its agenda, the Council will consider how to proceed with a proposal to negotiate amended savings tax agreements with Switzerland, Liechtenstein, Monaco, Andorra and San Marino.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Miroslav Kalousek, Czech Minister for Finance and Margrethe Vestager, Danish Minister for Economics and the Interior
||Pierre Moscovici, French Minister of Economy, Finance and Foreign Trade
||Jacek Vincent-Rostowski, Polish Minister for Finance
||SOUNDBITE by Vasos Shiarly, Cyprus Minister of Finance and President in office of the Council (In English) saying that: As far as Cyrpus is concerned, we have the Troika team in Cyprus right now. They have been there for a couple of days now. We are making very good progress and I believe and I am looking forward very good results towards the end of this week.
||Ingrida Simonyte, Lithuanian Minister for Finance
||Arrival and SOUNDBITE by Luis De Guindos, Spanish Minister of Economic Affairs and Competitiveness (In Spanish) saying that: The Spanish government has a commitment from the point of view of fiscal targets, is on this point where the government has taken all the decisions in recent months. Clearly Spain's commitment to the fiscal reduction is important, it is a commitment that is given by our needs to remove doubts about the financing of Spain and there are not any modification in our strategy. A deficit reduction is inevitable but it must also be reasonable.
||Vittorio Umberto Grilli, Italian Minister of Economy and Finance
||SOUNDBITE by Maria Fekter, Austrian Federal Minister for Finance (In German) saying that: Austria has a great interest in the participation also of non-Eurozone countries in the banking supervisory mechanism. Austrian banks are dominant in neighboring countries that have not adopted euro and therefore, the application of the same regulations and supervisory procedures there as well is in Austria's interest. However this is a difficult idea to put forward because the ECB is responsible only for the Eurozone countries. We need to find a mechanism to connect non-euro countries for example with EBA. The second aspect is that monetary policy and supervision are two entirely different operations and we must discuss thoroughly if we are to create a firewall between the fical policy and the monetary policy because under current ECB regulation there can be no optimal solution.
||Jeroen Dijsselbloem, Dutch Minister for Finance
||SOUNDBITE by Luc Frieden, Luxembourgish Minister for Finance (In English) saying that: They are not in a logic of default, Greece has undertaken quite a number of steps and we will find in the next days a solution not to avoid default, because that was not an issue, but to make sure that Greece will in a number of years again be on the path with access to financial markets.
||SOUNDBITE by Anders Borh, Swedish Minister for Finance (In English) saying that: I believe we are very far from a compromise in December, this is the time to open the doors, if we want to find a compromise we must open all doors, be ready to consider all options such as a technical treaty change, be ready to consider whether this supervision authority will be available outside the ECB. All these possibilities must be in the process, we cannot see a compromise without all the modalities on the table. If we are going to solve tha banking union issue it has to be dealt with open doors and not closed doors.
||Jürgen Ligi, Estonian Minister for Finance