Rådsmøde nr. 2766 (økonomi- og finansministre) den 28/11-06 - Bilag 5: Redegørelse vedrørende rådsmøde økofin 28/11-06

Europaudvalget 2006-07, Finansudvalget 2006-07
2766 - økofin Bilag 5, FIU Alm.del Bilag 57
Offentligt

5. december 2006

6. kontor, MIJ

Referat af rådsmødet (ECOFIN) den 28. november 2006

Dagsordenspunkt:

Proceduren for uforholdsmæssigt store underskud

vedr. Polen

Rådet vedtog en rådsbeslutning under artikel 104.8, som fastslår, at Polens finans-

politiske tiltag for at bringe det offentlige budgetunderskud ned under 3 pct. af

BNP har været utilstrækkelige.

Dagsordenspunkt:

Forberedelse af DER den 14.-15. december 2006:

Lissabon-strategien

–

Nationale Reformprogrammer

og Globalisering

Rådet vedtog konklusioner (jf.

vedlagte bilag)

baseret på resultaterne af den første

runde af landeeksaminationer på basis af landenes opdaterede nationale reform-

programmer. Det bemærkedes, at det overordnede billede af fremskridtene med

Lissabon-strategien er positivt, samt at alle medlemslande anerkender behovet for

reformer. Rådet understregede vigtigheden i, at den økonomisk gunstige situation

udnyttes til at bygge videre på de allerede igangsatte reformer, samt at rette øget

fokus imod reformer som forbedrer konkurrence og skaber bedre incitamenter på

arbejdsmarkedet.

Rådet diskuterede desuden, med udgangspunkt i rapporten

fra EPC’s globalise-

ringsarbejdsgruppe, effekterne af globaliseringens øgede internationale arbejds-

kraftbevægelser og udenlandske direkte investeringer. Rådet vedtog konklusioner

om disse,

jf. vedlagte bilag.

Dagsordenspunkt:

Statistik, reduktion af de statistiske byrder

På baggrund af Kommissionens meddelelse, vedtog rådet konklusioner som be-

skriver nødvendigheden af reduktioner i de administrative byrder forårsaget af

statistiske indberetninger i EU,

jf. vedlagte bilag.

Dagsordenspunkt:

EIB’s eksterne

lånemandat 2007-2013

Rådet nåede til enighed om formandskabets kompromisudspil til en forlængelse af

EIB’s eksterne lånemandat for perioden 2007-13.

Lånemandatet er på 27,8 mia.

Rådsmøde nr. 2766 (økonomi- og finansministre) den 28/11-06 - Bilag 5: Redegørelse vedrørende rådsmøde økofin 28/11-06

euro, hvoraf 2 mia. euro kan allokeres i 2010 betinget af en positiv midtvejsevalue-

ring.

De 25,8 mia. euro under hovedmandatet er fordelt med 8,7 mia. euro til før-

tiltrædelseslande, 12,4 mia. euro til EU’s nabo-

og partnerlande, 3,8 mia. euro til

Asien og Latinamerika samt 900 mio. euro til Sydafrika.

Der var en kort drøftelse af kompromiset. Polen fremsatte en erklæring om, at

projekter finansieret under EIB ikke må stride imod enkelte medlemslandes inte-

resser vedr. bl.a. energiforsyningssikkerhed og miljøbeskyttelse.

Dagsordenspunkt:

Facilitet for investeringer og partnerskab mellem EU

og Middelhavsområdet (FEMIP)

Rådet vedtog rådskonklusioner (jf.

vedlagte bilag)

som dels evaluerer resultaterne af

den forstærkede FEMIP, dels vurderer mulighederne for yderligere forbedringer.

Generelt fandt Rådet resultaterne af den forstærkede FEMIP tilfredsstillende,

særligt angående kanalisering af midler til udvikling af den private sektor og infra-

struktur i Middelhavsområdet. Rådet fandt dog at der fortsat bør gennemføres

forbedringer, især angående finansiering af investeringer i små og mellemstore

virksomheder (SME’er). Rådet opfordrede ydermere partnerlandene til at forbedre

investeringsklimaet i den private sektor, således at effektiviteten af FEMIP øges.

Rådet påpegede nødvendigheden af et større samspil mellem FEMIP og den eu-

ropæiske naboskabspolitik (ENP). Dette kan opnås dels ved at integrere EIB’s

aktiviteter i EU's overordnede landestrategier, dels ved i højere grad at kombinere

EIB’s lån med midler fra EU’s budget.

Dagsordenspunkt:

Alkoholbeskatning

Formandskabet fremførte sit kompromisudspil til en ændring af minimumssatser-

ne for punktafgifter på alkohol og alkoholiske drikkevarer, herunder forslaget om

en automatisk inflationskorrektion.

Der var, bortset fra et enkelt land, bred opbakning til formandskabets forslag til

forøgelse af minimumssatserne, men flere lande var skeptiske over for forslaget

om en automatisk inflationskorrektion. Rådet opfordrede kommissionen til at

udfærdige en analyse af alkoholbeskatning, herunder udviklingen i konkurrencesi-

tuationen og niveauet for alkoholpriser og -afgifter. Analysen skal også se på en

mere smidig procedure for regelmæssige beslutninger der kan inflationskorrigere

af minimumssatsen. Resultatet af analysen forventes præsenteret i første halvår af

2007.

Rådsmøde nr. 2766 (økonomi- og finansministre) den 28/11-06 - Bilag 5: Redegørelse vedrørende rådsmøde økofin 28/11-06

Dagsordenspunkt:

Rejsegodsdirektivet

Rådet opnåede politisk enighed om formandskabets kompromisudspil som for-

ventes endelig vedtaget ved et kommende rådsmøde. Aftalen indebærer at græn-

serne for tilladt indførsel af varer fra tredjelande til EU øges og differentieres på

rejseform, således at grænsen ændres fra de nuværende 175 euro til 430 euro for

luft- og søtransport og til 300 euro for landtransport.

Bl.a. Danmark argumenterede under forhandlingerne for, at der ikke burde diffe-

rentieres imellem luft- eller søtransport, hvilket i det endelige kompromis blev

imødeset ved at søtransport inkluderes i grænsen på 430 euro.

Dagsordenspunkt:

Momspakken

Rådet opnåede enighed om en forlængelse af e-handelsordningen med tredjelande

fra januar 2007 til udgangen af 2008. Derudover nåede Rådet til enighed om at der

arbejdes videre med momspakken med det mål at opnå en aftale i juni 2007, i

hvilken der også tages højde for aspekter vedr. bekæmpelse af skattesvig.

Dagsordenspunkt:

UK’s foranstaltning til bekæmpelse af momssvig for

visse elektroniske varer

Punktet blev taget af dagsordenen.

Dagsordenspunkt:

Bekæmpelse af skattesvig

Rådet vedtog konklusioner (jf.

vedlagte bilag),

som lægger vægt på vigtigheden i at

bekæmpe skattesvig og som anerkender behovet for en fælles anti-svig strategi

som kan komplementere de nationale bestræbelser på dette område. Rådet opfor-

drede således Kommissionen til inden juni 2007 at forberede en sådan strategi

med vægten lagt på en styrkelse af medlemslandes sanktionsmuligheder over for

svindlere, bedre beskyttelse af medlemslandenes momsindtægter samt bedre og

hurtigere informationsdeling medlemslandene imellem.

Rådet drøftede ligeledes mulighederne for en generel ændring af momsreglerne,

herunder muligheden for generel omvendt betalingspligt. Rådet forventes at ven-

de tilbage til sagen i forbindelse med rådsmødet i juni 2007.

Rådsmøde nr. 2766 (økonomi- og finansministre) den 28/11-06 - Bilag 5: Redegørelse vedrørende rådsmøde økofin 28/11-06

Dagsordenspunkt:

Adfærdskodeks for erhvervsbeskatning

Rådet fik præsenteret rapporten fra adfærdskodeksgruppen og vedtog konklusio-

ner (jf.

vedlagte bilag)

i hvilke Rådet anbefaler gruppen at fortsætte sit arbejde og til

at rapportere igen i løbet af det kommende tyske formandskab.

Dagsordenspunkt:

(CCCTB)

Fælles

konsolideret

selskabsskattebase

Kommissær Kovács gav Rådet en status for arbejdsgruppens arbejde om en mulig

fælles konsolideret selskabsskattebase i EU. Efterfølgende var der en kort udveks-

ling af synspunkter.

Dagsordenspunkt:

Betalingsdirektivet

Rådet fik fremlagt en statusrapport for arbejdet på et betalingsdirektivforslag,

hvorefter der var en udveksling af synspunkter. Rådet bemærkede sig de foreløbi-

ge fremskridt og opfordrede det kommende formandskab til at arbejde videre

med direktivforslaget.

Dagsordenspunkt:

Clearing og afvikling, Code of conduct

Rådet fik en briefing af Kommissær McCreevy om færdiggørelsen af det et ad-

færdskodeks for clearing og afvikling af grænseoverskridende handler med værdi-

papirer og vedtog efterfølgende konklusioner om dette,

jf. vedlagte bilag.

Diverse:

I forbindelse med mødet afrapporterede formanden for eurogruppen for dens

møde den 27. november 2006. Man havde bl.a. drøftet den økonomiske situation

og procedurerne for gennemgang af eurolandenes finanspolitik.

Under frokosten blev ministrene briefet af den belgiske finansminister om under-

søgelsen af de amerikanske myndigheders påståede overvågning af banktransakti-

oner der udføres af Swift-systemet.

Rådsmøde nr. 2766 (økonomi- og finansministre) den 28/11-06 - Bilag 5: Redegørelse vedrørende rådsmøde økofin 28/11-06

Bilag:

Rådskonklusioner om Lissabon-strategien, Nationale Reformprogrammer

"The Council discussed the

implementation of the Member States’ National Re-

form Programmes (NRPs) for the period 2005-2008. It endorsed the report pre-

pared by the Economic Policy Committee which covers four major areas of re-

form: innovation; labour markets; energy; and better regulation. The Council not-

ed that:

–

The overall picture on progress being made towards the Lisbon objec-

tives is encouraging. All Member States acknowledge the necessity to re-

form. Many actions are being taken, and first results are already starting

to show, but there is more work to be done. All Member States are mak-

ing progress with the implementation of their NRPs although the per-

formance varies between Member States. Europe should make good use

of the current relatively favourable economic outlook to build upon the

reforms already underway and turn to the areas where progress remains

limited, such as fostering competition, improving incentives in benefit

systems and extending working lives which is an important element to

promoting fiscal sustainability.

The development of innovation policies is a key element in all NRPs.

There is broad recognition among Member States that the right frame-

work conditions including competition; legal and technical infrastructure

especially a well-balanced and user-friendly system for the protection of

intellectual property rights; access to capital especially for SMEs; in-

creased co-operation between companies, research institutes and univer-

sities; well functioning labour markets; and a skilled workforce are neces-

sary conditions for successful innovation performance. More should be

done to create fully competitive markets as this is an important incentive

for companies to innovate. In view of the EU-wide target, more should

be done to foster private R&D expenditure. Particular attention should

also be given to supporting innovation in the services sector and creating

an innovation friendly environment for companies. Furthermore, Mem-

ber States should strive to maximise returns on innovation inputs by en-

hancing the quality of their policy measures, especially the effectiveness

of public research expenditure.

Increasing employment in Europe remains a top priority. Bringing the

overall employment rate of the EU closer towards 70% will require sig-

nificant additional efforts by many Member States. In a number of coun-

tries, tax systems have been made more conducive to employment.

However, additional steps will be required to improve incentives in tax

and benefit systems and increase the adaptability of the labour market.

Increasing effectiveness of activation measures and training programmes

is also important in this area. Member States have put much effort into

increasing the participation of older workers, but more progress is need-

–

Rådsmøde nr. 2766 (økonomi- og finansministre) den 28/11-06 - Bilag 5: Redegørelse vedrørende rådsmøde økofin 28/11-06

ed for the EU to reach the employment rate target for older workers of

50%. Even fulfilling this target will not be enough to respond to the

challenge of ageing populations. Therefore, more should be done to ex-

tend working lives and discourage early withdrawal from the labour force

or contain pension cost increases. Further attention should also be given

to raising employment for female and young workers.

–

The EU is far from having a well-functioning and fully integrated inter-

nal market in electricity and gas. Full implementation of agreed directives

would be a first step towards an efficient energy market in the EU. The

working of the energy markets would be further enhanced by increasing

the degree of interconnectivity, full implementation of the provisions for

unbundling and third party access, increased transparency in the markets

and greater co-operation between national regulators. Member States

have taken or plan many measures to promote energy efficiency and the

use of renewables and should continue to address incentives and finan-

cial barriers to investment in technologies and infrastructure that pro-

mote energy efficiency. The design of the Emission Trading Scheme, in-

cluding a more rational allocation of permits and the participation of

other relevant emitting countries, is a key issue and it needs to be im-

proved for the post 2012 period in the review taking place in 2007.

Much progress is being made on better regulation, especially in the area

of measuring and reducing the unnecessary administrative burden. This

momentum should be maintained. National strategies for regulatory re-

form should be developed further. Member States should follow the ex-

periences of ‘first mover countries’ by undertaking concrete actions to

reduce undue administrative burdens in particular to businesses. Follow-

up needs to be given to intensifying efforts with respect to the thorough

use of regulatory impact assessments and the simplification of existing

regulation. EU-level action to support Member States efforts is also

needed.

–

The Council felt that the thematic approach chosen in the review was useful for

sketching an early picture of progress and identify best practices and challenges.

The Council invites the Commission to take account of this work in its Annual

Progress Report. It looks forward to the results of the second round of multilat-

eral surveillance in the context of the update of the Broad Economic Policy

Guidelines which will have a clear focus on country-specific recommendations

early next year. The Council stresses the importance of continued structured re-

forms for a smoother functioning of EMU and reaping fully the benefits of the

single currency.

In this context, the Council confirms that benchmarking national performance,

accompanied by qualitative assessment, can help Member States to implement

reform by facilitating the exchange of best practice. Following the mandate to

Rådsmøde nr. 2766 (økonomi- og finansministre) den 28/11-06 - Bilag 5: Redegørelse vedrørende rådsmøde økofin 28/11-06

review the indicators used to monitor progress with the Lisbon agenda, the Coun-

cil considers that, at the current juncture, the shortlist of 14 headline indicators

should remain as it is.

The work carried out by the EPC to develop further the use of structural indica-

tors and their use in surveillance is useful in this respect, and Eurostat and EPC

are invited to improve the database in 2007. Indicators should be developed for

example in the field of integration. The structural indicators should remain part of

the methodology for assessing progress with the implementation of the Lisbon

strategy. The lack of reliability and transparency of the indicators, time lags in the

availability of data and the diversity of countries, should be taken into account".

Rådsmøde nr. 2766 (økonomi- og finansministre) den 28/11-06 - Bilag 5: Redegørelse vedrørende rådsmøde økofin 28/11-06

Rådskonklusioner om globalisering

"The Council discussed policies toward international flows of labour, and foreign

investment capital, which are elements of future sources of economic growth in

the context of globalisation.

The Council noted that competition for international investment and for interna-

tionally mobile skilled workers is intensifying. Skilled internationally mobile work-

ers, and foreign direct investment spur increased productivity through transfers of

innovation, research and the development of a knowledge based society in Eu-

rope. Europe's attractiveness for international factor flows is strongly dependent

on appropriate framework conditions and could be enhanced by a number of

targeted policies.

The Council welcomed the report by the Economic Policy Committee, and noted

that:

On Foreign Direct Investment (FDI):

–

FDI has become an important driver of economic globalisation and the

spill-over of knowledge. At present, the EU is the biggest recipient in the

world for FDI. However, the share of emerging markets in total FDI will

continue to increase while the composition of trade and FDI will see

emerging markets attracting a higher share of FDI in high value added

manufacture, services, and R&D as their skill levels will continue to

catch up with EU levels. While this development is favourable for global

growth, to take advantage of all these opportunities, Europe needs to

remain at the cutting edge of innovation. It is also important to improve

the ability of Member States to benefit from knowledge-spill-overs from

FDI.

Framework conditions play an important role in shaping the flows of

FDI. The diversity, rigidity and complexity of product and labour market

regulations directly impact on the capacity of the EU to benefit from the

opportunities of globalisation. The Council in this respect confirms its

commitment to enforcing the Internal Market with respect to reducing

remaining barriers within the EU to inward investments. Completion of

the Internal Market in financial services is especially crucial.

The EU should have an attractive investment climate to attract inward

FDI. The use of financial incentives to attract FDI has considerably ex-

panded which, combined with the higher mobility of FDI, gives rise to

some concerns, as positive effects in one country may well be achieved

at the cost of other countries. Member States should strengthen the im-

pact assessment of incentive schemes designed to attract and retain in-

ternationally-mobile production factors. The Community should step up

its efforts to reduce distorting subsidies within the EU and with its main

partners.

–

Rådsmøde nr. 2766 (økonomi- og finansministre) den 28/11-06 - Bilag 5: Redegørelse vedrørende rådsmøde økofin 28/11-06

–

In order to underpin outward FDI, a stable and attractive investment

climate with legal and regulatory certainty, including investment protec-

tion rules and intellectual property rights in partner countries, is a priori-

ty. It is urgent to achieve a successful settlement of the Doha round,

with an ambitious and comprehensive multilateral trade agreement re-

ducing barriers to trade and distorting subsidies. In parallel, and building

on the platform of the WTO, there is a need for complementary mecha-

nisms that allow us to continue to achieve additional improvements in

market access and business environment.

On Migration:

–

Policies on labour mobility through migration deserve increased atten-

tion from the perspective of receiving and source countries. Migration

can contribute to meeting the changing needs of the labour market at

different skill levels, which in turn helps to increase dynamic efficiency in

the host countries.

All Member States have in place a wide variety of policies to manage

migration. Whilst being fully aware of the policy challenges involved in

migration policies, the Council underlines that the economic aspects of

migration policy should be fully taken into account in particular as re-

gards policies to attract skilled workers and to address skills gaps and

mismatches, to enable Europe to remain at the leading edge of innova-

tion and R&D developments.

In terms of migration within the EU, concrete measures should be con-

sidered and implemented for facilitating movement of workers. Pro-

posals on portability of pensions and mutual recognition of qualifications

are currently being considered. Lower barriers to labour mobility within

the euro area support the smooth functioning of the EMU.

In addition, policies should aim at equipping workers to realise their po-

tential and benefit from the opportunities of globalisation. The Council

underlined the role that social bridges can play in this respect.

–

The Council invited the Commission to take stock of the multiple sets of national

product market regulations that contribute to hindering inward investment in the

European market, and the Community-wide impact of national investment incen-

tive schemes; and to analyse closely the economic determinants of migration, in-

cluding high skilled migration, into Europe. The Commission is invited to report

to the Council in the second half of 2007".

Rådsmøde nr. 2766 (økonomi- og finansministre) den 28/11-06 - Bilag 5: Redegørelse vedrørende rådsmøde økofin 28/11-06

Rådskonklusioner om reduktion af de statistiske byrder

"After having reviewed the Commission Communication on the Reduction of the

Response Burden, Simplification and Priority-Setting in the Field of Community

Statistics; and progress made to date, the Council stresses that while high-quality

statistics are crucial for policy-making in Europe, enhanced efforts are needed to

reduce the administrative burden caused by statistics in the EU. In particular, the

Council:

–

NOTES that while the statistical burden accounts for relatively small

part of the total administrative burden, the overall statistical burden has

continued to increase despite the initiatives launched in recent years in

reviewing statistical priorities and reducing statistical requirements for

areas which are now considered to be of lesser importance;

RECALLS the Council conclusions of 8 November 2005 which required

putting reprioritisation into practice and recommended incorporating it

into the forthcoming multi-annual statistical programme for 2008-2012

and into the 2007 annual work programme; the request by the Council in

June 2006 to analyse ways to reduce the burden imposed by the Intrastat

regulation in particular to the Small and Medium-sized Enterprises

(SMEs); and the 10 October 2006 Council conclusions which called for

the Commission and Member States to immediately identify pieces of

EU legislation and take prompt action to reduce burdens;

WELCOMES the strategic approach and work plan set out in the Com-

mission Communication which combines concrete actions to simplify

statistical requirements in specific areas, proposals for the application of

various tools to reduce the respondent burden by changing the way cer-

tain statistics are produced, a wider use of modern information and

communication technologies and a proposal for a systematic priority set-

ting for major statistical projects and in the multi-annual statistical pro-

gramme 2008-2012. All these elements together are key factors in re-

balancing priorities while at the same time ensuring that European poli-

cies are underpinned by high-quality statistics. To ensure progress, the

Commission is CALLED UPON to implement the various measures

and to report on further progress by October 2007, including an indica-

tion on the change in overall burden. The Council also WELCOMES the

Commission's commitment to involve the national statistical institutes

(NSIs) more closely in the content of the Commission's statistical pro-

grammes;

STRESSES that ambitious actions are needed, in line with the Commis-

sion strategy, for the substantial reduction in the administrative burden

due to statistical reporting requirements; and in this context WEL-

COMES the commitment by the Commission to carry out a cost-benefit

analysis for the introduction of all new statistical requirements that are

–

Rådsmøde nr. 2766 (økonomi- og finansministre) den 28/11-06 - Bilag 5: Redegørelse vedrørende rådsmøde økofin 28/11-06

likely to impose a significant statistical burden on data providers as well

as the planned systematic assessment of the cost-effectiveness of all

fields covered by the next multi-annual statistical programme (2008-

2012) that involve primary data collection, before the end of the pro-

gramme;

–

ACKNOWLEDGES that, within the context of the objective of an

overall reduction in the administrative burden and the commitment to

obtain full access to all required existing data and to use these data to the

maximum extent possible, the statistical priorities formulated and moni-

tored in the EFC 2006 Status Report may call for new or enhanced sta-

tistical surveys; and that the compilation of statistics that are of vital im-

portance for European policy-making will continue to require that SMEs

are also obliged to meet some statistical reporting requirements; and

FULLY SUPPORTS the Commission's ambitious goals on the simplifi-

cation of Intrastat, which will be a key factor in reaching the overall re-

duction in the statistical reporting burden; and in particular WEL-

COMES the twin-track approach, in which a futher substantial progress

on traditional simplification would be complemented by a switch to sin-

gle-flow reporting in the medium-term. In this context, the Council

STRESSES that a transition to a single-flow system, or the implementa-

tion of any other method that leads to a significant reduction in the sta-

tistical response burden, must not affect the availability, timeliness and

quality of those national statistics that are crucial for European economic

policy purposes, such as national accounts and the data on aggregate

flows between the euro area and other EU Member States. It should also

be accompanied with the necessary measures to ensure confidentiality

when exchanging micro-data among the producers of official statistics in

Europe. To this end, the Commission is INVITED to analyse the feasi-

bility of a single flow method and alternative methods which would de-

liver broadly the same results, as well as the transition issues and, taking

this analysis into account, to present a precise roadmap for further pro-

gress to the Council in October 2007 with appropriate timetables. In

parallel to this analysis, concrete progress in the short-term should be

made on traditional simplification; and the Commission, together with

Member States, should make progress in overcoming the current chal-

lenges related to Intrastat, in particular the issue of asymmetries".

–

Rådsmøde nr. 2766 (økonomi- og finansministre) den 28/11-06 - Bilag 5: Redegørelse vedrørende rådsmøde økofin 28/11-06

Rådskonklusioner om Facilitet for investeringer og partnerskab mellem EU og

Middelhavsområdet (FEMIP)

"Following the invitation by the European Council in December 2003, the Ecofin

Council has assessed the performance of the reinforced Facility for Euro-

Mediterranean Investment and Partnership (FEMIP) and its possible evolution

taking into account partner countries' views. The results achieved by the rein-

forced FEMIP were evaluated positively, since it has proved to be instrumental in

channelling funding to the Mediterranean region through lending to private com-

panies and infrastructure investment aiming at enhancing the business environ-

ment.

However, Member States also noted that the effectiveness of FEMIP could be

enhanced further, in particular with respect to supporting the private sector, espe-

cially SMEs, which has not yet stabilised at the 50%-target of FEMIP activities. At

the same time, Member States agree that the effectiveness of FEMIP also depends

on the business environment in Partner countries becoming more conducive to

private sector development and on regulatory obstacles in partner countries being

removed.

Against this background and the results of the consultations with the Partner

countries, the Council agrees that, at the current juncture, the best way forward to

enhance partnership with Mediterranean partners is to develop this instrument

further with the following priorities:

–

improving the linkages of FEMIP with the European Neighbourhood

Policy (ENP) including by a better integration of the EIB’s activities into

the EU country strategies and by better combining EIB loans and EU

budgetary resources. To this effect, adequate resources should be pro-

vided by the Community budget;

developing further the FEMIP instruments in order to overcome the

obstacles to more effective financing of the private sector, in particular

SMEs. To this effect:

–

the allocation of risks between FEMIP, local financial intermediar-

ies and local companies should be improved mainly by encourag-

ing increased risk-taking by local intermediaries;

EIB risk-taking should be increased through a more active use of

the Special FEMIP envelope;

incentives should be provided together with technical assistance to

local intermediaries in order to make global loans more effective

and accessible to SMEs;

the risk borne by SMEs should be alleviated through local curren-

cy guarantees and loans; and

–

Rådsmøde nr. 2766 (økonomi- og finansministre) den 28/11-06 - Bilag 5: Redegørelse vedrørende rådsmøde økofin 28/11-06

–

risk-capital resources and technical assistance could be used more

often to enhance the quality of local SME projects and should

continue to support activities with a higher risk profile;

–

strengthening partnership and local interaction notably by creating an

advisory committee, including representatives from Mediterranean coun-

tries, to strengthen ownership of partner countries.

In implementing these priorities, the EIB should continue to safeguard FEMIP's

value added vis-à-vis the market and other IFIs.

Member States invite partner countries

–

to facilitate private sector development and encourage structural re-

forms, in particular financial sector reform; and

to commit to closer co-operation with the EIB, in particular ensure that

the EIB can issue bonds in local markets.

The Council will continue to monitor the performance of FEMIP".

Rådsmøde nr. 2766 (økonomi- og finansministre) den 28/11-06 - Bilag 5: Redegørelse vedrørende rådsmøde økofin 28/11-06

Rådskonklusioner om skattesvig

"The Council stresses the importance to take all necessary measures to combat tax

fraud and most notably in the area of indirect taxation.

The Council recognizes the urgent need to establish an anti-fraud strategy at

Community level that complements national efforts to combat tax fraud.

The Council invites the Commission to prepare the elements of such a strategy in

close co-operation with the Member States and to give particular priority to the

following aspects:

–

the establishment of an action plan including a follow-up mechanism

with the aim of ensuring a more efficient use of administrative co-

operation;

the exploration of ways to enable Member States to take more efficient

measures against fraudsters and give as much priority to the protection

of other Member States VAT revenue as for that of their own;

the possibilities for quicker and more detailed exchange of information

between Member States, including the study of legal and practical possi-

bilities of access to data about taxpayers for tax administrations in other

Member States; this shall also include the elaboration of legislative pro-

posals, where necessary, to ensure Member States obtain the relevant in-

formation from businesses, accompanied by an assessment of the effects

in terms of additional burden on businesses and administrations taking

into account the possibilities offered by electronic technologies;

the examination of potential legal changes to the current VAT system in

view of enhancing the legal possibilities for combating fraud such as

joint and several liability.

–

The Council requests the Commission to report to the Council on the progress

made on these aspects and to present an outline of an anti-fraud strategy at EU

level at its meeting in June 2007.

The Council has also examined possible legal changes to the VAT system, espe-

cially the possibilities to tax intra-community transactions or to use, on an option-

al basis, a general reverse charge system for dealing with the most costly forms of

VAT fraud. So far this discussion has not been conclusive and has not allowed for

an orientation to be agreed on.

The Council will continue its work in this respect with all these legislative

measures in order to define orientations to the Commission at its meeting in June

2007 at the latest".

Rådsmøde nr. 2766 (økonomi- og finansministre) den 28/11-06 - Bilag 5: Redegørelse vedrørende rådsmøde økofin 28/11-06

Rådskonklusioner om adfærdskodeks for erhvervsbeskatning

"The Council

–

Welcomes the progress achieved by the Code of Conduct Group (Busi-

ness Taxation) under the Finnish presidency as set out in its report (doc.

15472/06 FISC 145).

Agrees to an extension of benefits for Maltese measures ML4 and ML5

beyond the end of 2006 as set out in paragraph 21 of the Code of Con-

duct Group’s report (doc. 15472/06 FISC 145).

–

Asks the Group to continue monitoring standstill and the implementation of roll-

back and to report to the Council before the end of the German presidency".

Rådsmøde nr. 2766 (økonomi- og finansministre) den 28/11-06 - Bilag 5: Redegørelse vedrørende rådsmøde økofin 28/11-06

Rådskonklusioner om clearing og afvikling

"After having considered the European Code of Conduct for Clearing and Set-

tlement signed by the Industry on 7 November 2006; and the Commission's plans

to enhance the efficiency and soundness of post-trading infrastructures in the EU;

and after having had an exchange of views on 10 October 2006, the Council:

–

RECALLS that the clearing and settlement of securities transactions is a

key area of financial integration in the EU where substantial progress

needs to be achieved, in line with the Council conclusions of 25 No-

vember 2004 and 5 May 2006;

TAKES NOTE of the Code of Conduct, WELCOMES the agreement

reached by the Industry on the Code and CALLS FOR its swift imple-

mentation;

RECOGNISES that the strategic approach by the Commission based on

self-regulation is an attempt in trying to enhance competition and reduce

costs for users of post-trading services; that the enforcement of the

Code of Conduct needs to be closely monitored with a view to consider-

ing other measures, including regulatory actions, if progress is not satis-

factory; that compliance with the competition rules must continue to be

closely monitored; and that further steps by different parties will be nec-

essary in parallel in order to enhance efficiency and soundness of post-

trading infrastructures taking into account the evolution in the markets;

INVITES the Commission to deepen its work in these key areas taking

into account the Ecofin discussion on 10 October 2006 and review the

state of progress as follows:

by February 2007, report on the monitoring process of the imple-

mentation and functioning of the Code of Conduct;

by June 2007, review issues related to the safety and soundness of

securities clearing and settlement infrastructure providers in Eu-

rope

–

taking into account the work of the European System of

Central Banks and the Committee of European Securities Regula-

tors in this area; and review progress made in the removal of legal

and fiscal obstacles in the context of the 'Giovannini barriers'; and

by February 2008, present a full assessment on the overall situation

and possible further policy action necessary so as to ensure pro-

gress in all key areas, taking also into account the implementation

of the Code of Conduct and its impacts on the markets, including

the possibility of extending the Code in the future;

–

TAKES NOTE that the European Central Bank and National Central

Banks in the Eurosystem are examining the feasibility of a TARGET2-

Rådsmøde nr. 2766 (økonomi- og finansministre) den 28/11-06 - Bilag 5: Redegørelse vedrørende rådsmøde økofin 28/11-06

Securities service for settlement in central bank money of securities

transaction in euro; EXPECTS to obtain further insight by January 2007

on how TARGET2-Securities might contribute to the evolution, sound-

ness and efficiency of post-trading services of securities transactions

within the EU and its Member States; and INVITES the Financial Ser-

vices Committee (FSC) to examine issues related to TARGET2-

Securities for discussion by the Ecofin Council, prior to a decision on

whether to take the initiative forward which is foreseen in February 2007

by the ECB;

–

INVITES the FSC by July 2007 to assess the state of progress in clearing

and settlement including with the efforts to enhance the safety and

soundness as well as with the removal of the ‘Giovannini barriers’ in the

Member States; and by March 2008 to examine the overall situation and

provide guidance on the need for further policy measures in the light of

the Commission's examinations mentioned above; and

INVITES the Economic and Financial Committee to prepare compre-

hensive strategic discussions on these issues, based on the above men-

tioned elements, for the Council in Autumn 2007 and Spring 2008".

–