Economic and Financial Affairs Council:extracts from the arrivals and doorsteps
Lieu: Brussels, Belgium - Council
End production: 05/03/2013 First transmission: 05/03/2013
On Tuesday 5 March, Economic and Financial Affairs Ministers will hold a breakfast meeting to discuss the economic situation.
The Council will be called on to broadly endorse a compromise reached with the European Parliament on the "CRD 4" package of bank capital requirements.
It will also take note of a compromise with the Parliament of the "two-pack" of economic governance measures.
The Council will discuss a package of measures to combat VAT fraud, and may approve guidelines for work on the measures.
The recent G-20 finance meeting and the further development of economic and monetary union are amongst other items on the agenda.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Margrethe Vestager, Danish Minister for Economics and the Interior
||Miroslav Kalousek, Czech Minister for Finance
||Michael Noonan, Irish Minister for Finance
||SOUNDBITE (English) Michael Noonan, Irish Minister for Finance: Today's ECOFIN is a very important one for Europe as a whole, the two big projects that will be discussed today are the CRD4, it is the capital requirements of the banks including the issue of bonuses, on which the European Parliament was so strong. I will be proposing that the Irish compromise negotiated with the European Parliament be endorsed by the Council.
||SOUNDBITE (English) Jeroen Dijsselbloem, Minister of Finance of the Netherlands:The Dutch position is that we should limit the bonuses. In Holland we will actually go a lot further than the compromise that has now been reached or almost reached here in Brussels, we want to reduce the bonuses even to 20% maximum of the normal salary, so we will see how the debate goes today.
I think the banking sector needs to be in a strong relation with the real economy and real people, real people are very worried about the way things are going in the financial sector, a lot of work is to be done there.
||SOUNDBITE (German) Luc Frieden, Minister for Finance of Luxembourg: We have found a compromise with the European Parliament which is a positive development because it is about avoiding great risks that could endanger the banks stability, it is not about obstructing variable remunerations but to put them in a sensible framework, I think this framework is reasonable.
||SOUNDBITE (English) Rimantas Šadzius, Minister of Finance of Lithuania: Today we'll have a couple of questions that will cause quite discussion. First of all, we'll see capital requirements rules (CDR IV) to get a compromise acceptable for all 27 countries which will be not simple.
||SOUNDBITE (German) Maria Fekter, Federal Minister for Finance of Austria, saying that: The compromise achieved with the European Parliament has broad support, with the only exception of Great Britain as far as I know. However, the whole package has to be evaluated so that our banks are made safer. We have set a deadline for banking supervision until 14 April 2014 and until then Basel III has to be adopted and ratified by all countries.