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Eurogroup and ECOFIN ministers discussed measures to prevent a repetition of the financial crisis

Ministers prepared the ground for discussion of a package for an international response to the financial crisis at the upcoming informal European Council

Article updated 5 November 2008


Eurogroup ministers met at 17:30 hrs on Monday, 3 November. Joaquín Almunia, Commissioner responsible for Economic and Monetary Affairs, and European Central Bank Governor Jean-Claude Trichet attended the meeting. A press conference took place after the meeting.

>> Council conclusions


  • The economic situation, including financial market developments and budgetary implications
  • Developments in ERMII countries (Denmark and the Baltic countries)
  • Use of financial assistance to EU countries in need during the current crisis, as was proposed by the Commission for Hungary


The Council of Economics and Finance Ministers met on Tuesday 4 November. The ECOFIN meeting was attended by Commissioner Joaquín Almunia, and Taxation and Customs Union Commissioner Laszlo Kovacs.

Agenda: (MEMO/08/670) Choose translations of the previous link 

  • Discussion on international initiatives in response to the financial crisis
  • Follow up of the last European Council - Commissioner Almunia presenting Communication COMM (2008) 706 "From financial crisis to recovery: a European framework for action"
  • Taxation - combating VAT fraud: Speeding up exchange of information on Intra-Community supplies
  • Reduced VAT rates
  • Excise duties: proposal for a Directive concerning the general arrangements for excise duty
  • Fraud agreement with Liechtenstein
  • Climate change and risk of volatility in carbon allowances prices under the emissions trading scheme (ETS) after 2012
  • Ministerial dialogue with EFTA countries