Medlemmerne af Folketingets Europaudvalg og deres stedfortrædere Bilag Journalnummer Kontor 1 400.C.2-0 EU-sekr. 19. september 2005 Til underretning for Folketingets Europaudvalg vedlægges Finansministeriets redegørelse for det uformelle EU finans- og økonomiministermøde (ECO- FIN) den 9.-10. september 2005.

2 Notat 16. Referat   fra   uformelt   EU   finans-   og   økonomiministermøde (ECOFIN) den 9.-10. september 2005   Dagsordenspunkt: Globaliseringens udfordringer Ministrene drøftede udfordringerne ved globalisering med udgangspunkt i indlæg fra tre virksomhedsledere og en forsker.   Der var bred enighed om, at investeringer i uddannelse, forskning og innovation, fleksible arbejdsmarkeder, bedre regulering og fri handel er centrale indsatsområder for at opnå klare fordele af globaliseringen.   ECOFIN ventes at drøfte emnet igen senere på året.   Dagsordenspunkt: Finansiering af ulandsbistand Ministrene opnåede politisk enighed om en fælles EU-position for finansiering af ulandsbistand til brug for FN-topmødet den 14. september 2005, hvor stats- og regeringschefer skal gøre status over opfyldelsen af 2015-målene. Ministrene drøftede derudover følgende elementer:    Den internationale finansieringsfacilitet (IFF)/pilotprojektet IFFIm Afgift på flybilletter Gældslettelse (G8-forslaget) Nogle lande vil bidrage til IFF-pilotprojektet for vaccine (IFFIm). Enkelte lande vil introducere en afgift på flybilletter til en øremærket finansiering af projekter i udvik- lingslande, primært på sundhedsområdet. Andre lande overvejer om og i givet fald i hvilket omfang, de ønsker at deltage.   Der  var  blandt  ministrene  generelt  opbakning  til  G8-landenes  forslag  vedrørende multilateral gældslettelse.   I tilknytning hertil blev der på ministermødet opnået politisk enighed om at basere arbejdet vedrørende gældslettelse på en fælles tilgang til principperne om 1) Addi- tionalitet 2) Konditionalitet 3) Ligebehandling og 4) Forhindre ubæredygtig gæld, jf. vedlagte bilag.  

3 Dagsordenspunkt: Proceduren for uforholdsmæssigt stort underskud for Portugal På  ministermødet  var  der  generel  politisk  opbakning  til  Kommissio- nens  forslag  dels  til  en  rådsbeslutning  om,  at  der  eksisterer  et  ufor- holdsmæssigt stort underskud i Portugal dels til en rådshenstilling til Portugal om at bringe situationen med et uforholdsmæssigt stort un- derskud til ophør senest i 2008. Det ventes, at rådsbeslutningen og rådshenstillingen vil blive vedtaget som et a-punkt på rådsmødet (landbrug og fiskeri) den 19. september 2005. Dagsordenspunkt: Den økonomiske situation og fi- nansiel stabilitet Ministrene drøftede den seneste internationale økonomiske udvikling, herunder særligt betydningen af de stigende oliepriser. Der blev i den forbindelse opnået poli- tisk enighed om en udtalelse, jf. vedlagte bilag. Udtalelsen fokuserer på behovet for fortsat og styrket dialog med de største olie- producerende regioner, energieffektivitet og øget gennemsigtighed på oliemarke- derne samt på at undgå forvridende finanspolitiske tiltag, der forhindrer de nød- vendige tilpasninger. Ministrene fremhævede desuden vigtigheden af strukturrefor- mer med henblik på at gøre den europæiske økonomi modstandsdygtig over for chok. Endelig godkendte ministrene den fælles EU-udtalelse forud for mødet i IMFC (Den Internationale Monetære og Finansielle Komite) i september 2005.     Dagsordenspunkt: Bekæmpelse af terrorfinansiering - Clearing House (indefrysning af aktiver) Ministrene drøftede bekæmpelsen af terrorfinansiering som led i forberedelserne af en revideret EU-handlingsplan om terrorbekæmpelse. Det blev blandt andet frem- hævet, at man vil tilskynde til fortsat tæt samarbejde i forhold til at fremme indsat- sen i Europa vedrørende indefrysning af terroristers aktiver.   Dagsordenspunkt: Vestbredden og Gaza Ministrene drøftede mulighederne for øget økonomisk støtte fra EU til Vestbredden og Gaza med udgangspunkt i et oplæg fra Den Europæi- ske Investeringsbank (EIB) og Kommissionen. Der var generelt poli- tisk enighed om nødvendigheden af at støtte den økonomiske genop- bygning.  

4 EIB og Kommissionen blev opfordret til at fortsætte det tekniske ar- bejde med en europæisk ”støttepakke” med henblik på afrapportering til Rådet i oktober 2005.   

5 Bilag Fælles udtalelse om finansiering af ulandsbistand “On aid volume, we recall the commitment to the 16-17 June European Council to reach a collective  ODA/GNI  target  of  0.7%  by  2015,  and  an  collective  intermediate  target  of 0.56% by 2010. We also reaffirm the need to improve the quality and effectiveness of aid.   We welcome and support the G8 proposal to cancel 100% of outstanding debt of eligible Heavily Indebted Poor Countries to the IMF, IDA, and African Development Fund and, on a fair burden-sharing basis, to provide additional resources to ensure that the initiative is fully financed without reducing the IFIs’ financing capacity. We must ensure that the prob- lem of unsustainable debt will not re-occur. We look forward to the implementation of the G8   proposal   subject   to   the   resolution   of   important   issues   at   the   IFIs’   Boards.   EU Member States are united in their commitments to increasing aid and follow several routes to that aim. Some Member States firmly believe that innovative financing mecha- nisms can help deliver and bring forward the financing necessary to achieve the MDGs and may contribute to the achievement of the new ODA/GNI target. A group of Member States will  implement  the  International  Finance  Facility  (IFF)  as  a  mechanism  to  frontload  re- sources  for  development.  A  group  of  countries  have  launched  the  IFF  for  immunisation and  made  firm  financial  commitments.  A  group  of  EU  Member  States  will  implement  a contribution on airline tickets to enable financing development projects, in particular in the health  sector,  directly  or  through  financing  the  IFF.  Some  other  EU  Member  States  are considering whether and to what extent they will participate in these initiatives or other- wise  continue  to  enhance  traditional  ODA.  On  trade,  we  underline  the  importance  of  a successful conclusion of the WTO Doha development agenda (DDA) and increased support to developing countries to build their capacity to trade.” Fælles udtalelse om G8-forslaget vedr. gældslettelse ”From today’s and earlier discussions it is clear that we are agreed on the importance of further debt relief both in the IMF and the World Bank. There is also broad support for the proposal that has been put forward by the G8 although a need for further discussion on a number of implementation issues so that we reach agreement at this month’s meetings of the IMF and the World Bank.   We have agreed to work on the basis of the following common approach on the key issues of:   - Additionality   - Conditionality   - Uniformity of treatment   - Preventing unsustainable debts   (i) Additionality   The key element of the proposal is that debt relief needs to be fully financed ensuring that the financing capacity of the IFIs is not reduced.   For this reason the proposal commits donors to compensate IDA and the African Devel- opment Bank dollar for dollar for the forgone principal and service charge payments to cover the full costs for the full duration of the cancelled loans. lt is, of course, essential that these costs, which fall due over 40 years, are covered. A number of countries have called for the overall commitment to additionality to be strengthened with firm written

6 commitments by the relevant authorities. We should support this — subject to donors’ individual budgetary and Parliamentary procedures — as part of the European position.   On the IMF side the costs should be met by the use of existing IMF resources and the G8 commitments to provide up to $350-500 million for the interim PRGF, extra resources necessary for the three protracted arrears cases, and their fair share of the costs for coun- tries that may enter the HIPC process based on end-2004 debt burdens. Taken together these should ensure that the financing capacity of the Fund is not reduced and that due regard is given to maintaining the strength of its balance sheet. We should resolve this issue in advance of the Annual Meetings on the basis of Fund analysis.   (ii) Conditionality   We are all agreed that the countries which benefit from debt relief should direct those resources towards the achievement of the MDGs. We also believe that the benefits of debt relief are greater when the resources are delivered upfront and provide a predictable stream of funds. For this reason in order to qualify for debt relief countries must reach completion point under the HIPC initiative. And for those countries that have already reached completion point we should require that they must be current with their repayment obligations to the lFls; they must not have experienced serious lapses, including in governance, such that their IMF programmes would be at risk; and they must have satisfactory governance and public expenditure systems. We should resolve how this will be implemented on the basis of further Fund and Bank advice.   (iii) Uniformity of Treatment   On the World Bank side the additional resources will be distributed through the perform- ance based allocation mechanism to ensure that all IIDA-only countries benefit,   On the IMF side we understand the importance of the principle of Uniformity of Treatment, which we support. We should resolve this on the basis of ensuring Fund resources are used in accordance with this principle. The IMFC should monitor the implementation of this principle. Donors will need to consider the use of PRGF subsidy account resources for HIPC countries.   (iv) Preventing unsustainable debts   The IDA 14 resolution should remain intact — with the Mid Term Review as the opportu- nity for further considerations, including with regard to the provisions of the Debt Sustain- ability Framework. This Framework should be the basis for preventing unsustainable debts.”   Fælles udtalelse vedrørende oliepriserne “While recognising that the higher level of oil prices presents risks to growth, Ministers are determined that, in today’s global economy, and with appropriate policy response the economic consequences of higher oil prices are likely to be limited, particularly when com- pared with other periods. In this context, they welcome the absence of underlying infla- tionary     pressures     and     stress     the     need     to     avoid     second     round     effects.   Ministers emphasise their continuous effective coordination in reaction to rising oil prices and agree that distortionary fiscal and other policy interventions that prevent the neces- sary  adjustments  should  be  avoided.  In  particular,  Ministers  confirm  that  where  short- term targeted measures are taken to alleviate the impact of higher oil prices on the poorer sections of the population, they should avoid distortionary effects. Beyond any short term measures, Ministers highlight the importance of structural reforms to make the EU econ- omy more resilient to shocks.   Ministers  support  the  2  September  2005  announcement  by  the  International  Energy Agency to make available to the market from existing emergency stocks 2 million barrels per day of oil and oil products so as to compensate for the temporary loss of production

7 and  refining  capacity  caused  by  hurricane  Katrina.  This  announcement  helped  alleviate market tensions. In addition to these temporary measures on oil stocks, Ministers agreed on the following:   Ministers consider that continuing and strengthening the dialogue with major oil producing regions should help improve the framework conditions for investment in oil exploration and supply capacities. The EU is currently engaged in dialogues with Russia, Norway and OPEC. Ministers noted the message by OPEC that they stand ready to supply additional oil when necessary. Ministers urge oil producing countries  and  companies  and  consumers  to  recognise  their  common  interest  in ensuring sufficient supplies of oil. They call on oil companies to increase invest- ment  in  oil  exploration,  production,  refining  capacity  and  alternative  energy sources; they also call on countries and international institutions to work to re- move barriers and create a climate conducive to investment throughout the sup- ply chain.   Ministers stress the importance of energy efficiency and energy savings, the im- portance of innovative technologies and the use of new sources of energy in en- suring  energy  security.  Within  Member  States,  targets  to  encourage  the  use  of renewable energy have been set. Ministers stand ready to consider further action. They  are  committed  to  develop  more  effective  international  cooperation  on  en- ergy  efficiency  and  development  of  clean  technologies,  especially  with  those countries that have relatively low energy efficiency.   Ministers consider that further efforts to improve the transparency of oil markets are  warranted.  The  European  Commission  is  currently  working  on  the  improve- ment  of  data,  notably  for  stocks,  for  Europe.  Ministers  call  on  relevant  interna- tional  institutions  to  develop  a  global  framework  for  reporting  of  oil  reserves, which is essential for better informed market decisions, and to undertake further analysis of the workings of the oil market.”