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Europaudvalget 2005-06, Finansudvalget 2005-06
2726 - Økofin Bilag 4, FIU Alm.del Bilag 140
Offentligt

15. maj 2006

6.kt.

Referat fra EU finans- og økonomiministermøde (ECOFIN) den 5.

maj 2006

Dagsordenspunkt:

EU’s bæredygtighedsstrategi

Rådet drøftede – som led i forberedelsen af DER i juni – Kommissionens forslag

til en revision af EU’s bæredygtighedsstrategi. Forslaget har ligeledes været drøftet

i en række andre rådsformationer.

Der blev opnået enighed om ECOFIN’s bidrag, herunder at sikre konsistens, øget

anvendelse af konsekvensvurderinger samt undgåelse af overlap med andre

processer som f.eks. Lissabon-strategien.

Dagsordenspunkt:

Kommissionens foreløbige forslag til EU’s budget

for 2007

Kommissionen præsenterede budgetforslaget for 2007, som vil være første år

under de nye finansielle perspektiver. Budgetforslaget indebærer forpligtelses-

bevillinger for 126,8 mia. euro svarende til 1,08 pct. af BNI, mens betalingerne

udgør 116,4 mia. euro svarende til 0,99 pct. af BNI. En hel ny generation af

flerårige programmer skal igangsættes, hvilket forklarer den betydelige forskel

mellem forpligtelser og betalinger. For betalingernes vedkommende er der en

margen på ca. 7 mia. euro i forhold til rammen i de finansielle perspektiver. Rådet

tog Kommissionens præsentation til efterretning.

Selve forhandlingerne om EU’s budget sker i forbindelse med Rådets 1. læsning af

budgetforslaget den 14. juli 2006 og igen i forbindelse med Rådets 2. læsning den

24. november 2006.

Dagsordenspunkt:

Kommissionens handlingsplan for en integreret

struktur for intern kontrol

Kommissionen præsenterede i overskriftsform sin handlingsplan for en integreret

struktur for intern kontrol og annoncerede, at man inden længe vil fremsætte et

”scoreboard” samt konkrete forslag til udmøntning af den Inter-Institutionelle

Aftales (IIA) punkt om øget erklæringsafgivelse (”annual summaries”) samt

acceptable risici. Rådet tog Kommissionens præsentation til efterretning.

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Dagsordenspunkt:

Grænseoverskridende fusioner og rksomhedsopkøb

i den finansielle sektor, Kommissionens hvidbog om

den fremtidige politik for finansielle tjenesteydelser

2005-2010 samt Finansielt tilsyn

Rådet vedtog – som en del af A-punktslisten – tre sæt konklusioner på det

finansielle område, herunder om grænseoverskridende fusioner og

virksomhedsopkøb i den finansielle sektor, Kommissionens hvidbog om den

fremtidige politik for finansielle tjenesteydelser 2005-2010 samt finansielt tilsyn,

jf.

vedlagte bilag.

Der var enkelte bemærkninger til konklusionsteksterne.

Dagsordenspunkt:

Momspakke

Rådet havde – med udgangspunkt i et strategipapir fra formandskabet - en

drøftelse af den såkaldte ”momspakke” omfattende henholdsvis B2B/B2C-

reglerne om beskatningssted for grænseoverskridende ydelser og ”One Stop

Shop”, nyt 8. momsdirektiv og særordningen for gældende e-handelsydelser til

3.lande.

Drøftelserne var primært koncentreret om formandskabets oplæg til en tidsplan

for gennemførelsen af forslagene. Et flertal af medlemslande – herunder Danmark

– støttede formandskabets oplæg, idet nogle lande dog havde visse forbehold, især

med hensyn til hvor hurtigt det er realistisk at gennemføre de påtænkte initiativer.

Enkelte lande var af forskellige grunde imod såvel indholdet af som tidsplanen for

momspakken.

Sagen ventes behandlet igen på ECOFIN den 7. juni 2006.

Eventuelt

Fransk oplæg om små og mellemstore

virksomheders adgang til offentlige udbud

Frankrig præsenterede et forslag om en mulig favorisering af små og mellemstore

virksomheders (SMV’er) deltagelse i offentlige udbud (public procurement). Rådet

tog det franske forslag til efterretning. Det er muligt, at sagen på et senere

tidspunkt mere formelt vil blive taget op igen.

Diverse

I margen af mødet havde ministrene en dialog med tiltrædelseslandene Bulgarien

og Rumænien samt kandidatlandene Kroatien og Tyrkiet. Der blev vedtaget en

fælles konklusion for alle fire lande samt særskilte udtalelser om henholdsvis

Bulgariens og Rumæniens førtiltrædelsesprogram,

jf. vedlagte bilag.

Ministrene havde under frokosten – som opfølgning på frokostdrøftelsen den 14.

marts 2006 – en drøftelse om fornyelsen af EIB’s eksterne lånemandat for

perioden 2007-2013, som omfatter rammen af udlån til lande uden for EU (dvs. 3.

lande). Der var generelt enighed om, at EIB bør støtte implementeringen af EU’s

udenrigspolitik, samt at alle fremtidige udlån til 3. lande skal samles under ét

mandat og baseres på fælles objektive kriterier og operationsprincipper. Der var

også bred tilslutning til, at EIB primært skal være en investeringsbank og ikke skal

overlappe indsatsen i andre institutioner med bistandsprægede aktiviteter i større

stil.

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Derudover orienterede den ungarske finansminister om den nye regerings planer

for finanspolitisk konsolidering.

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Bilag

Rådskonklusioner om grænseoverskridende fusioner og virksomhedsopkøb i

den finansielle sektor

The Council adopted the following conclusions:

“The Council



RECALLS that European financial integration is essential for improving

growth and employment and in order to reach this objective, market

participants must be able to seize cross-border business opportunities;

UNDERLINES that unnecessary and unwarranted obstacles to cross-

border consolidation in the financial sector should therefore be tackled in

order to reap the economic benefits of integration and strengthen the global

competitiveness of the EU financial industry;

STRESSES the importance of sound, fair and non-discriminatory national

supervisory practices to achieve a level playing field within the EU paying

due attention to the appropriate balance of home/host country

responsibilities; and the need for an adequate and independent financial

supervision to ensure financial stability;

WELCOMES the intention of the Commission to present a proposal for a

revision of Article 16 of the Banking Directives and the corresponding

articles in the MIFID and the insurance directives before the end of the

year, in accordance with the agreed principles of better regulation;

INVITES the Committee of European Securities Regulators (CESR),

Committee of European Insurance and Occupational Pensions Supervisors

(CEIOPS) and Committee on European Banking Supervisors (CEBS) to

take into account the obstacles identified, and the FSC report on

supervisory convergence, in their efforts directed at convergence of rules

and practices and in particular to work on common formats for financial

institutions reporting to supervisors in order to avoid duplication of costs;

SUPPORTS the Commission in its intention to make use of the powers

granted to it under the Treaty to ensure the application of basic Treaty

freedoms, including application of the existing provisions on competition

and state aid;

AGREES with the Commission that the fragmentation of retail markets is

an obstacle to cross-border consolidation and SUPPORTS the strategy

proposed by the Commission in its White Paper on Financial Services

Policy 2005-2010 to promote the integration of retail markets;



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

NOTES that where factors such as taxation create obstacles to cross-

border consolidation, the Commission is invited to specify these and

consider possible ways to overcome them; and

REITERATES its commitment to an open and integrated EU financial

market based on fair and healthy competition among financial institutions

and calls for vigilance on discriminatory practices.”



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Rådskonklusioner om Kommissionens hvidbog om den fremtidige politik for

finansielle tjenesteydelser 2005-2010

The Council adopted the following conclusions:

“The Council:



WELCOMES the Commission’s White Paper on Financial Services Policy

(2005-2010) as presented to the Council (ECOFIN) in December 2005;

NOTES that the White Paper is broadly in line with the political priorities

set in the Green Paper of the Commission and the Conclusions of the

Council of 11 October 2005;

SHARES the broad objectives of the Commission for the financial services

policy until 2010, and AGREES with the concept of dynamic consolidation

as the chosen overall approach to making further progress towards a fully

integrated European financial market;

WELCOMES the initiatives proposed by the Commission, stressing that

progress in the greater integration of retail markets is a challenge for 2005-

2010 in order to strengthen competition and ensuring an appropriate level

of consumer protection; NOTES also the importance of strengthening

consumer input and therefore STRESSES the need to facilitate an

appropriate involvement of consumers and SMEs;

STRESSES that clearing and settlement of securities transactions is a key

area where financial integration in the EU should be enhanced, and

INVITES the Commission and Financial Services Committee (FSC) by

autumn 2006 to examine how to best make progress in this area as soon as

possible;

STRESSES the key importance of the Single Euro Payments Area (SEPA)

for the effective functioning of the internal market, and INVITES the

Commission and FSC by autumn 2006 to examine how to best make

progress in this field by 2010;

STRESSES the need to boost the efficiency of pan-European markets for

long-term savings products as well as the importance of fostering financial

education and awareness of consumers in Member States; and INVITES

the FSC to examine the policy issues related to ageing and financial markets;

WELCOMES the ideas put forward with respect to the growing

importance of the external dimension in financial services – namely to

deepen and widen regulatory dialogues with third countries and work

towards the further opening of global financial services markets;



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

AGREES that Member States must play their role by transposing and

implementing the agreed FSAP texts on time, accurately, consistently and

avoiding unnecessary regulatory additions. Transposition deadlines set for

legal acts adopted in co-decision as well as for implementing measures

adopted by the Commission have to be adequate to allow for transposition

of the measures in question;

STRESSES, in the context of better regulation, the agreement on the

November 2005 Inter-Institutional Common Approach to impact

assessment;

INVITES the FSC to monitor on a continuous basis the progress of the

implementation of the Commission strategy examining particular initiatives

where appropriate in light of market developments; and policy implications

of these initiatives as well as their potential economic or political impact;

EMPHASISES the need to pay particular attention to supervisory

convergence as underlined in the FSC Report on Financial Supervision1

and to optimising the cooperation between home/host supervisors within

the current legal framework; and

EMPHASISES that the Lamfalussy approach is an important element in

the overall regulatory stance developed to face the challenge of accelerating

financial market integration. To ensure that this framework remains capable

of meeting future challenges it should continue to be applied in the context

of a dynamic and open dialogue between all institutions and bodies

concerned. Rapid progress needs to be made to find mutually acceptable

solutions for the functioning of comitology.”



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Rådskonklusioner om finansielt tilsyn

The Council adopted the following conclusions:

“The Ecofin Council reviewed the EU supervisory framework on the basis of a

report by the Financial Services Committee.

The Council STRESSES that significant improvements in the EU supervisory

framework brought about by the Financial Services Action Plan (FSAP) and the

implementation of the Lamfalussy arrangements should be complemented with

further steps to keep up with market developments in a flexible way. The shift to

the implementation and enforcement of the FSAP measures; the growing number

of cross-border financial groups; and the increasing international and cross-sector

interlinkages in the financial markets call for further progress in the convergence

of supervisory practices and cross-border cooperation among supervisory

authorities in the EU.

The Council UNDERLINES that supervisory convergence needs to be

intensified to fully benefit from the FSAP and related measures and thus, to reap

the benefits of an integrated financial market. The overarching goal should be to

further develop the European financial system in contribution to the Lisbon

strategy; strengthen the financial stability framework in the EU; and enhance the

efficiency of supervision by avoiding both excessive supervisory burden on the

industry and inhibiting or restricting fair competition.

In this context, the Council URGES Member States to timely implement all

remaining FSAP and related measures as well as to ensure their proper and

consistent enforcement; SUPPORTS the Lamfalussy framework as well as the

level 3 supervisory committees in their co-operation and convergence of their

tasks; and ENDORSES the report by the FSC on Financial Supervision. In

particular, the Council:



REQUESTS the FSC to monitor the convergence of supervisory powers at

an adequate level;

UNDERLINES that the implementation of mediation, delegation,

streamlined reporting requirements and data-sharing arrangements is a

pragmatic response to the main challenges the EU faces in the area of

financial supervision – taking into account the diverse state of progress in

each financial sectors;

INVITES the Committee of European Securities Regulators (CESR), the

Committee of European Insurance and Occupational Pensions Supervisors

(CEIOPS) and the Committee of European Banking Supervisors (CEBS) to

further strengthen their co-operation and day-today working arrangements

by:



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1. assessing the functioning of the tools aimed at fostering a

European supervisory culture and indicate any ways to help them

work better in the regular Level 3 Committees’ supervisory

convergence reports to FSC, beginning in 2007;

2. exploring the preconditions to the establishment of a mediation

mechanism – especially as regards the potential areas of

application and the practical functioning of this mechanism – and

where appropriate to test the mechanism in the securities field in

2006 and in the banking and insurance fields in 2008;

3. exploring the preconditions for the use of a delegation mechanism

especially through guidelines in each financial services sector and

testing, where appropriate, such arrangements before the end of

2007;

4. working on reporting requirements by delivering common

formats before the end of 2007, and examining the question of IT

data-sharing arrangements before the end of 2008, taking into

account the costs and benefits of the different options available

(such as common databases and interlinked national databases);

5. reporting on progress and on any outstanding obstacles to the

FSC; and

6. continuing to contribute to a consistent implementation of EU

directives.



REQUESTS the FSC to report to the Council annually on the progress

made in implementation of various elements outlined in the FSC report,

starting in 2007.

ASKS all parties involved to implement the strategic actions according to

the timetables outlined in the FSC report.



Finally, the Council



NOTES the Commission’s approach to examine, in line with its White

Paper on Financial Services Policy (2005-2010), key areas where the current

supervisory arrangements should be further clarified or complemented –

including by regulatory action if necessary; and INVITES the FSC to look

at them with a view to provide advice on further strategic priorities as

appropriate, taking into account challenges arising from the market

developments; and

LOOKS FORWARD to the FSC’s review of the Lamfalussy framework in

2006 and 2007.”



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Fælleskonklusioner fra ministerdialogen mellem EU’s, de tiltrædende landes og

kandidatlandendes økonomi- og finansministre

”Den 5. maj 2006 afholdt EU’s, de tiltrædende landes og kandidatlandenes

økonomi- og finansministre sammen med repræsentanter for Kommissionen og

Den Europæiske Centralbank og for de tiltrædende landes og kandidatlandenes

centralbanker deres ottende dialogmøde om økonomisk politik, herunder

vedrørende deres forberedelse af integrationen i EU's finanspolitiske overvågning

og samordning af den økonomiske politik fra tiltrædelsen.

Rumænien og Bulgarien (tiltrædende lande)

Ministrene godkendte de vedlagte fælles udtalelser om Bulgariens og Rumæniens

økonomiske førtiltrædelsesprogrammer 2005. De understregede, at begge lande

nu befandt sig i en afgørende fase af deres endelige forberedelser af tiltrædelsen,

navnlig for så vidt angår gennemførelsen af gældende fællesskabsret. Ministrene

gentog, at det er vigtigt at overholde de forpligtelser, som de tiltrædende lande har

indgået, herunder de frister, der er fastlagt under forhandlingerne. På baggrund af

Kommissionens tilsynsrapporter opfordrede ministrene indtrængende Bulgarien

og Rumænien til at løse alle udestående spørgsmål inden tiltrædelsen.

Kroatien og Tyrkiet (kandidatlande)

Ministrene udtrykte tilfredshed med de to kandidatlandes økonomiske

førtiltrædelsesprogrammer 2005. Ministrene gav deres tilslutning til følgende

konklusioner om vurderingen af disse programmer:

Kroatien

1. Kroatiens andet økonomiske førtiltrædelsesprogram for 2006-2008 er et

samlet dokument om den økonomiske politik, der opstiller en grundlæggende

sund og sammenhængende makroøkonomisk ramme på mellemlang sigt.

Dokumentet indeholder nogle tekniske forbedringer i forhold til det, der blev

forelagt sidste år, og opfylder delvis kravene til indhold, form og data.

Programmet bør medvirke til at styrke retningslinjerne for fastlæggelse af den

økonomiske politik.

2. Kroatiens økonomi har for nylig vist tegn på en stærkere og stigende vækst

med lav inflation og stabile valutakurser. Den finanspolitiske konsolidering er

blevet videreført, men der er stadig eksterne ubalancer, navnlig i form af en

relativt høj udlandsgæld i forhold til BNI. Programmets vækstscenario

forekommer realistisk, men prognoserne på mellemlang sigt for inflation,

budgetbalance og eksterne balancer forekommer ret optimistiske.

3. Programmets politiksammensætning bestående af fortsat finanspolitisk

konsolidering og stabilitetsorienteret monetær politik forekommer

hensigtsmæssig til afhjælpning af makroøkonomiske skævheder under de

særlige omstændigheder med omfattende substitution af aktiver. Programmet

ville klart have haft gavn af en mere systematisk og samlet præsentation af

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specifikke finanspolitiske og andre økonomisk-politiske foranstaltninger og

deres forventede budgetmæssige virkninger.

4. Strukturreformdagsordenen forekommer generelt ambitiøs og dens vægt på

en styrkelse af dynamikken i den private sektor er hensigtsmæssig og meget

prisværdig. I denne forbindelse så ministrene med tilfredshed på rapporten fra

Udvalget for Økonomisk Politik om de strukturelle politiske udfordringer i

Kroatien. Der var bred enighed om rapportens hovedkonklusioner. Kroatien

har gjort betydelige fremskridt med hensyn til gennemførelsen af sin

strukturreformdagsorden, men der er stadig spillerum til at fremskynde

reformhastigheden på en række nøgleområder: færdiggørelse af privatisering

og omstrukturering, fortsættelse af finanspolitisk konsolidering og reform af

velfærdssystemerne, forbedring af arbejdsmarkedets fleksibilitet samt

forbedring af erhvervsklimaet og de lovgivningsmæssige rammer for

netværksindustrier. I denne forbindelse ville programmet have haft gavn af en

mere systematisk beskrivelse af de politiske foranstaltninger og deres relevans

for gennemførelsen af den finanspolitiske strategi. Programmet kræver stor

beslutsomhed og indsats fra de kroatiske myndigheders side for at

fremskynde reformerne på de ovennævnte områder og for at fjerne de

hindringer, der har ført til en svag politisk gennemførelse før i tiden.

Ministrene anerkendte, at der er gjort betydelige fremskridt med hensyn til at

forandre den kroatiske økonomi, og opfordrede Kroatien til målrettet at fortsætte

reformprocessen. På baggrund af ovennævnte vurdering opfordrede ministrene

Kroatien til fortsat at være agtpågivende med hensyn til de budgetrisici, der kan

bringe en holdbar finanspolitisk konsolidering i fare, og med hensyn til den høje

udlandsgæld. Endvidere bør Kroatien fortsat takle de strukturelle problemer inden

for økonomien, blandt andet også ved at mindske den offentlige sektors andel.

Tyrkiet

1. Det økonomiske førtiltrædelsesprogram 2005, der dækker perioden 2005-

2008, sigter mod at understøtte en vellykket tiltrædelse af EU og

realøkonomisk indkomstkonvergens, navnlig ved at nedbringe

budgetunderskud og offentlig gæld i det hele taget samt fortsætte struktur-

reformprocessen. Programmet opfylder i store træk kravene i den

konsoliderede oversigt for så vidt angår indhold, form og data. Det er en

nyttig ramme for den økonomiske politik i Tyrkiet på mellemlang sigt, der

stort set er i overensstemmelse med IMF’s og Verdensbankens strategiske

dokumenter.

2. De makroøkonomiske resultater i 2005 var bedre end forventet med stigende

vækst, faldende inflation og et mindre budgetunderskud end forventet.

Underskuddet på betalingsbalancens løbende poster er dog væsentligt højere

end forventet. Denne tendens med større balanceproblemer over for udlandet

må overvåges nøje. Det økonomiske førtiltrædelsesprogram 2005 forudser et

betydeligt skift i sammensætningen af kapitalposter, hvorved FDI ville

begynde at erstatte porteføljeinvesteringer som den vigtigste finansieringspost

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fra 2005. Det samlede makroøkonomiske scenario indtil 2007 ser rimeligt ud,

men metodegrundlaget kunne godt forbedres yderligere.

3. Scenariet vedrørende de offentlige finanser med gradvis nedbringelse af

budgetunderskuddet er en udmærket målsætning. Yderligere finanspolitisk

konsolidering ville bidrage til at mindske de potentielle risici for balancen over

for udlandet. Der vil stadig være risici, men i en mindre udstrækning, eftersom

det nuværende og faldende gældsniveau stadig er højt, og fristen stadig er

kort, selv om den er blevet forlænget siden 2002. Sårbarhed over for rente- og

valutachok er ikke ubetydelig trods den fast forrentede gælds stigende andel.

Det er vigtigt at forbedre kvaliteten af den finanspolitiske justering for at sikre

gældsbæredygtighed og åbne muligheder for vækstfremmende udgifter og

lavere skatter.

4. Den strukturelle og institutionelle reformdagsorden, der præsenteres i

programmet

samlet

set

tilstrækkelig.

Gennemførelsen

reformdagsordenen er foregået på områder såsom privatisering, reform af den

offentlige administration og forbedringer af investeringsklimaet.

Reformdagsordenen er imidlertid omfattende, og flere af de foranstaltninger,

der er opstillet i det økonomiske førtiltrædelsesprogram 2004, er blevet

forsinket. De fremlagte budgetmæssige følger af reformerne er ikke særlig

omfattende. Yderligere reformbestræbelser er særlig vigtige i forbindelse med

overvågning af statsstøtte, forbedring af erhvervsklimaet og vedrørende

arbejdsmarkedets funktionsdygtighed.

Ministrene så med tilfredshed på den tyrkiske økonomis forbedrede

makroøkonomiske resultater i 2005 og opfordrede Tyrkiet til at fortsætte med at

ændre økonomien med beslutsomhed og i overensstemmelse med det IMF-

støttede program. På baggrund af ovennævnte vurdering mente ministrene, at

Tyrkiet nøje bør overvåge udviklingen af underskuddet på betalingsbalancens

løbende poster. Mens det er gået fremad med reformdagsordenen på mange

områder, som f.eks. den nyligt godkendte socialsikringsreform, bør Tyrkiet tage

fat på andre strukturreformer.

Statistikker

Bulgarien, Rumænien (tiltrædende lande)

Ministrene så med tilfredshed på fremskridtsrapporten af 26. april 2006 om

gennemførelsen af handlingsplanen for økonomiske, monetære og finansielle

statistikker i de tiltrædende lande og kandidatlandene og de igangværende

bestræbelser i forbindelse med dens gennemførelse. Trods de fremskridt, der er

gjort, vil der være behov for yderligere arbejde for at sikre overholdelse af

handlingsplanen.

Bulgarien og Rumænien bør fortsætte deres bestræbelser for at sikre fuld

overensstemmelse på tiltrædelsestidspunktet, navnlig på områderne offentlig gæld

og underskud (begge tiltrædende lande bør forbedre overholdelsen af ENS-95-

regnskabsreglerne), årlige nationalregnskaber, det harmoniserede forbruger-

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prisindeks (især Bulgarien) samt statistikker vedrørende langfristede

statsobligationer. Desuden: tilgængelighed og aktualitet i forbindelse med visse

statistikker, der udarbejdes flere gange om året (især kvartalsstatistikker

vedrørende beskæftigelse og offentlige finanser), gennemførelse af monetære

finansielle institutioners (MFI) rentestatistikker samt forberedelse af finansielle

kvartalsregnskaber. Det er også vigtigt, at begge tiltrædende lande afsætter

tilstrækkelige ressourcer til indsamling af alle andre statistikker, der er nødvendige

for konvergensrapporterne, og fremlægger alle data i overensstemmelse med

gældende regler. Endvidere bemærkes det, at det vil være vigtigt at styrke den

rolle, som de nationale statistiske kontorer spiller, samt at samarbejde

gnidningsløst med de andre relevante myndigheder på nationalt plan. De

tiltrædende lande opfordres til snarest at fremskynde deres indsats på disse

områder og EFC bør fortsat nøje overvåge fremskridtene på grundlag af

regelmæssige fremskridtsrapporter.

Kroatien, Den Tidligere Jugoslaviske Republik Makedonien og Tyrkiet (kandidatlande)

Ministrene så med tilfredshed på de fremskridt, som Kroatien og Tyrkiet har gjort

med hensyn til indberetning af økonomiske statistikker. De understregede

imidlertid, at der endnu er behov for en betydelig forbedring for at opfylde

kravene i handlingsplanen for økonomiske, monetære og finansielle statistikker

for de tiltrædende lande og kandidatlandene. Der er behov for at fremskynde

bestræbelserne, især på områderne nationalregnskab og statistikker, der udarbejdes

flere gange om året. Den vigtigste prioritering for Den Tidligere Jugoslaviske

Republik Makedonien bør være kapacitetsopbygning med henblik på regelmæssig

udarbejdelse og indberetning af data i overensstemmelse med kravene i

handlingsplanen. Alle kandidatlande skal sørge for regelmæssig indberetning af

data, der foreligger på nationalt plan.

Samlet konklusion

Ministrene konkluderede, at det var af afgørende betydning for Bulgarien og

Rumænien at færdiggøre forberedelserne til tiltrædelsen ved fuldt ud at

gennemføre gældende fællesskabsret og ved at løse alle udestående spørgsmål

inden tiltrædelsen. Kroatien og Tyrkiet bør fortsætte reformprocessen ved en

videreførelse af makroøkonomisk stabilisering og finanspolitisk konsolidering.

Inden for rammerne af deres reformdagsorden bør begge lande fokusere på

vedvarende økonomiske strukturreformer.

Landene står over for en række fælles ændringer vedrørende makroøkonomisk og

finansiel stabilitet samt strukturelle ændringer. For så vidt angår makroøkonomisk

og finansiel stabilitet synes der at være følgende fælles træk, selv om der er

variationer landene imellem:



stærk stigning i den indenlandske efterspørgsel

efter få år med disinflation eller lav inflation er inflationen siden 2005

steget i nogle lande og disinflationen er aftaget i andre

hurtig vækst i långivningen

fremmed valuta spiller en vigtig rolle i banksektoren

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

stort eller stigende underskud på betalingsbalancens løbende poster.

På struktursiden går udfordringerne på gennemførelse af privatiseringer og

fremme af omstruktureringer i erhvervslivet, forbedring af erhvervsklimaet for at

stimulere investeringer og styrke konkurrenceevnen, styrkelse af administrativ

kapacitet og retssikkerhed (herunder fuldbyrdelse af kontrakter), bekæmpelse af

korruption og hvidvaskning af penge i nogle lande og gennemførelse af

arbejdsmarkedsreformer samt forstærkelse af indsatsen for at integrere

undergrundsøkonomien i den formelle sektor.

Ministrene mindede om handlingsplanen for økonomiske, monetære og finansielle

statistikker for de tiltrædende lande og kandidatlandene, der blev vedtaget i maj

2003, og som fortsat bør være en topprioritet for de statistiske myndigheder i alle

disse lande. De statistiske kontorer bør have de nødvendige ressourcer stillet til

rådighed, så de kan opfylde kravene i planen. Der er gjort fremskridt, men der er

endnu behov for betydelige forbedringer. Navnlig Bulgarien og Rumænien bør

snarest fremskynde deres bestræbelser for at sikre fuld overensstemmelse på

tiltrædelsestidspunktet.

Ministrene understregede, at de med støtte fra Det Økonomiske og Finansielle

Udvalg, Udvalget for Økonomisk Politik og Kommissionen er fast besluttet på

fortsat at overvåge fremskridtene med hensyn til den økonomiske politik samt

budget- og strukturpolitikken i de tiltrædende lande og kandidatlandene.

Ministrene vil afholde et nyt møde i løbet af 2007 for at fortsætte deres dialog.

Dialogen mellem Det Økonomiske og Finansielle Udvalg og dets modparter vil

også fortsætte i 2007.”

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Fælles udtalelse om 2005 førtiltrædelsesprogrammet for Rumænien

“On 5 May 2006 the ECOFIN MINISTERS OF THE PRESENT MEMBER

STATES AND THE ACCEDING AND CANDIDATE COUNTRIES

examined the 2005 Pre-Accession Economic Programme of Romania on the basis

of an assessment prepared by the Commission Services with a contribution from

the ECB and adopted this joint opinion.

Romania’s fifth Pre-Accession Economic Programme provides a medium-term

policy framework, covering the period 2005-2008. It includes public finance

objectives and structural reform priorities needed for EU accession and prepares

further the institutional and analytical capacity necessary to participate in EMU.

The programme was adopted by the Government of Romania.

Description

The 2005 PEP, submitted on 1 December 2005, sets out an overall economic

policy strategy oriented towards sustainable real convergence of the Romanian

economy towards the EU and improvements to the business environment in

order to enable Romania to cope with the competitive pressures and market

forces within the European Union. The programme sets relatively few and clear

objectives, among which the reduction of inflation and regional disparity. The

macroeconomic framework projects continued strong GDP growth of above 6%

annually, driven by domestic demand and a considerable reduction in the negative

contribution from net exports. Domestic demand is expected to moderate over

the programme period, notably due to a gradual easing of growth of household

consumption, while annual investment growth would be strong. The current

account deficit is expected to narrow from 9.0% of GDP in 2005 to 5.1% in 2008

due to an increase in remittances and EU transfers and a significant improvement

in the incomes and services balance. Driven by growing employment in the SME

sector and solid FDI inflows, the programme projects higher employment rate

and falling unemployment. Monetary policy will aim at sustainable disinflation

within an inflation targeting regime that blends interest rate policy, exchange rate

policy, prudential and administrative measures. A prudent wage policy in the

public sector, including state-owned enterprises, and a further reduction of the

quasi-fiscal subsidies are set as conditions for achieving the programme’s targets.

Fiscal policy will remain geared towards stimulating economic growth seeking to

ensure macroeconomic stability and providing the resources necessary to finance

accession-related expenditure and to sustain real convergence. Budgetary

resources would be raised by an improved capacity to absorb increasing EU

transfers and a revenue policy centred on a broader tax base, strengthened tax

collection and improved symmetry in the taxation of various sources of income,

which would finance a gradual cut in social security tax rates. The general

government deficit is projected to widen from 0.4% of GDP in 2005 to 1.6% in

2008 against the background of a 1.5% of GDP decline in the revenue ratio and a

broadly stable expenditure ratio. General government gross debt in ESA 95 terms

would decrease from 17.1% of GDP in 2005 to 14.6% in 2008. Quasi-fiscal

subsidies in the form of the financing of state-owned enterprises, the

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accumulation of tax arrears and the non-payment of state guaranteed loans would

be further reduced.

The programme includes a comprehensive agenda of structural reforms to

improve the functioning of product, capital and labour markets and boost the

competitiveness and supply-side response of the Romanian economy. Numerous

objectives and initiatives derive from the strategy embedded in the National

Development Plan of Romania, which sets EU accession as a fundamental aim.

Therefore, they reflect Romania’s commitment to fully align its legal framework

with the acquis, fulfil the Copenhagen second economic criterion and

progressively move towards a knowledgebased economy in line with the Lisbon

agenda. In general, the policy response to structural challenges is appropriate, but

the link to the macroeconomic and fiscal scenario is weak at times, reducing the

coherence of the overall programme.

Assessment

The programme provides a factually correct summary of recent macroeconomic

developments and sets out a comprehensive and broadly consistent

macroeconomic framework. A more explicit view on the macroeconomic

consequences of the considerable tax cuts undertaken in January 2005, notably the

extent to which they may explain the continued domestic demand and inflationary

pressures, would have been welcomed. Based on an improved production

function methodology, the framework clearly presents the sources of potential

GDP growth, but the potential growth rate seems optimistic and benefits in

particular from a comparatively very high contribution from total factor

productivity. This impairs the realism of an average 6.3% real GDP growth going

hand in hand with diminishing output gap, accelerated disinflation and rapidly

declining external imbalances. The programme projects a significant moderation

of private consumption growth even while foreseeing considerably gains in

disposable incomes, rising employment, declining inflation, continued

appreciation and solid credit growth. Furthermore, the surge in the private sector

savings ratio, which would reverse the unexpected drop in 2005, is largely

unexplained. Hence, it seems likely that excess demand would persist in the

economy. It is also likely that the shock in 2005 to industrial production from

energy price hikes, rapid exchange rate appreciation, floods and considerable wage

growth may help to speed up the structural adjustment process in the enterprise

sector, which could imply a temporary lowering of industrial production growth.

Bearing in mind the advantages of a cautious macroeconomic scenario, the PEP’s

discussion of an alternative scenario consisting of weaker domestic supply and a

larger negative contribution from external trade to GDP growth combined with

laxer wage and fiscal policy is very relevant.

The fiscal framework benefits from a well-explained and realistic projection of

revenues, but is less convincing with regard to considerable budgetary financing

needs in many areas being hosted within a stable expenditure ratio and a 1.5% of

GDP decline in the revenue ratio. This drop in the revenue ratio is projected

against the background of the significant cuts in income and profit tax in 2005,

which, including the effect from revenue raising measures, had a net negative

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impact on direct tax revenue of about 1% of GDP. The loss of revenue was less

than the reduction in the average tax rates would have suggested. However, if

taking into account the cyclical position of the economy, it was for income tax

larger and for profit tax fully in line with the rate reductions. It was mitigated by a

higher growth in official employment, which reflects the formalisation of some

jobs, and by strong growth in revenue from indirect taxes, notably VAT, due to

both the cyclical position of the economy and improvements in tax collection.

This led to a stable revenue ratio in 2005. Romania succeeded in accommodating

large flood repairs without a rising general government deficit, but wages,

subsidies and transfers grew more than budgeted. The programme displays

awareness of the benefits from redirecting expenditures towards physical and

human capital in order to sustain real convergence, but the ability to implement a

much more restrictive wage policy, carry out a major restraint of current

expenditures and effectively restructure expenditures will be a litmus test for the

credibility of Romania’s expenditure policy. Moreover, a strengthened capacity for

absorbing EU transfers is required if Romania is to fully benefit from the

appropriations under the financial perspectives 2007-13. The programme seeks to

reconcile the objective of fiscal prudence with the priority of using fiscal policy to

sustain growth, but there is little recognition of the role that fiscal consolidation

and avoidance of a pro-cyclical policy stance can play in creating sound conditions

for sustained high growth. Success in the execution of the 2006 budget will be

crucial to ensure that the widening of the cyclically adjusted deficit over the

programme period can be contained to the planned level. Furthermore, with a less

optimistic potential growth rate than used in the programme, the cyclically-

adjusted deficit would get close to 3% of GDP in 2008 if the programme’s

projection of aggregate demand materialises. This raises doubts over Romania’s

medium-term fiscal prospects. In addition to the fiscal risks highlighted in the

programme, the full amount to be covered by general government via the

Property Fund as financial compensations for the non-restitution of property is

uncertain and potentially significant in the context of postaccession fiscal

surveillance. Challenged also by a financially fragile public pension system and

likely expenditure pressure from the health system, non-programmed revenue

gains and additional revenue measures should be fully used to support the

sustainability of Romania’s public finances. In this context, the Council welcomes

the recently approved reform package in the health area.

The programme contains a clear commitment to continue structural reforms in

the light of EU integration and bears witness to important privatisations

accomplished in energy and banking, good progress in the area of state aid policy,

opening of the electricity and natural gas markets, and a reduction of quasi-fiscal

subsidies. The structural reform agenda appears broadly supportive of Romania’s

objective to attain sufficient competitiveness within the Union. Yet, for certain

sectors where reform has been slower, such as transport and agriculture and some

areas of energy, the envisaged measures could have been bolder and placed within

a clearer time table. To sustain the reform process, improvements in the

institutional framework necessary for absorbing EU funding seem warranted. A

clearer commitment to liquidate non-viable companies and reduce subsidies in

order to support the re-allocation of economic resources and prepare for EU

accession would have been welcomed.

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Opinion

Given the above assessment, Ministers commend the Romanian authorities for

sustaining the catching-up process and express their recognition of Romania’s

progress in reforming its economy and the renewed commitment to ensure

macroeconomic stability. They highlight the contribution of monetary policy to

the continued decline in core inflation and support a clear focus on further

disinflation in coming years, which is of the utmost importance. They note the

overall consolidation of public finances over recent years, including the reduction

in the broad public sector deficit, which has played a positive role in safeguarding

sustainable economic growth. They emphasise that the strong underlying growth

creates favourable conditions for accelerating structural reforms and addressing

Romania's fiscal challenges. They call for caution in the policy mix in order to not

to jeopardise the sustainability of the external balance and further disinflation.

Ministers consider the 2005 Pre-accession Economic Programme a useful

medium-term framework for Romania’s economic policy in preparation for EU

accession. They welcome the programme’s increased awareness of the need for a

prudent fiscal policy and the clear objective of enhancing Romania’s growth

potential by redirecting expenditures towards physical and human capital, and

encourage Romania to develop a clear medium-term expenditure strategy. They

note that the programme’s fiscal policy strategy is pro-cyclical and surrounded by

certain downside risks, notably with regard to public sector wage policy. They

advise caution about the effects of the cuts in income and corporate profit tax

rates on the revenue to GDP ratio, which could make it more difficult to provide

fiscal space for expenditures in relation to EU accession and would cause a

deterioration of the fiscal position if the favourable cyclical conditions come to an

end. In view of the need to strengthen revenues, Ministers commend the

Romanian authorities on their efforts to broaden the tax base and improve

revenue collection and encourage them, moreover, to give more consideration to

the option of raising some carefully targeted tax rates, notably to contribute to

ensuring balanced growth and improving the structure of the tax system. They

emphasise that the credibility of Romania’s expenditure policy depends on a more

cautious public sector wage policy, the ability to restrain current expenditures and

an improved capacity to absorb EU transfers.

In light of the ageing of the population, the structural imbalance of the public

pension system and the expected increase in health expenditure, Ministers urge

Romania to increasingly focus on the long-term sustainability of its public

finances and implement a comprehensive strategy for reforming the pension

system. In view of Romania’s experience, they acknowledge the merits of

strengthening the supply side conditions of the economy, notably by reducing

non-wage labour costs and revisiting the use of early retirement and disability

schemes.

Ministers commend Romania for its strong efforts to further reduce quasi-fiscal

subsidies stemming from the financing requirement of state-owned enterprises,

implicit subsidies provided via the energy sector and the accumulation of tax

arrears. The acceleration of reforms, in particular some areas of energy as well as

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transport and agriculture, and the liquidation of non-viable enterprises, remain

crucial for strengthening Romania’s competitiveness and preparing EU accession.

Ministers also urge Romania to vigorously pursue reforms in the labour and

product markets, and to enhance the supply-side response of the economy by

accelerating the development of an adequate road infrastructure. They welcome

the amendment of the Labour Code and emphasise the need to further address

the rigidities in the labour market and to consider how to further reduce the

relatively high payroll taxes. Ministers stress the need for further improving the

business environment, in particular by addressing remaining weaknesses in the

functioning of the judiciary, governance and administrative capacity as well as

rigorously implementing control of money laundering in the non-banking

financial sector. They also salute Romania’s increased focus on the objectives of

the Lisbon agenda and encourage the authorities to pursue with more

determination policies corresponding to their current priorities in areas such as

human capital and infrastructure development, transition to an information

society and absorption of knowledge by enterprises.

Finally, Ministers note Romania’s progress since last year in developing the

institutional and analytical capacity required to participate in EMU. They

underscore Romania’s obligation to ensure that the process of providing fully

compatible, detailed and timely ESA 95 data is accomplished before Romania’s

accession to the EU.”

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Fælles udtalelse om 2005 førtiltrædelsesprogrammet for Bulgarien

“On 5 May 2006 the ECOFIN MINISTERS OF THE PRESENT MEMBER

STATES AND THE ACCEDING AND CANDIDATE COUNTRIES

examined the 2005 Pre-Accession Economic Programme of Bulgaria on the basis

of an assessment prepared by the Commission Services with a contribution from

the ECB and adopted this joint opinion.

Bulgaria’s fifth Pre-Accession Economic Programme provides a medium-term

policy framework, covering the period 2005-2008. It includes public finance

objectives and structural reform priorities needed for EU accession and prepares

further the institutional and analytical capacity necessary to participate in EMU.

The programme was adopted by the Bulgarian Council of Ministers.

Description

The 2005 PEP updates last year’s programme and aims at fulfilling the

commitments for accession and achieving a tangible improvement in living

standards. It envisages the continuation of prudent fiscal policies and of structural

reforms. The macroeconomic scenario expects real GDP growth to increase from

5.6% in 2004 to 5.9% in 2007 and 2008. This implies an upward revision of

growth rates by around 0.4 percentage points compared to the 2004 PEP, which

is not unrealistic in the light of recent strong investment growth and productivity

gains resulting from economic restructuring. Following the substantial widening in

2005, projections for the current account deficit have been revised considerably

upward. It is, however, expected to decline again steadily by more than 5

percentage points until 2008, mainly because of higher EU transfers and a steady

recovery of the trade and services balances. Net FDI inflows would remain

relatively stable and finance almost completely the current account deficit in most

years. The PEP envisages robust employment growth of above 1% per year and a

sustained reduction of inflation to below 3% by 2008. Additional measures to

curb bank credit growth entered into force in April 2005 and have been effective

in bringing down growth rates to close to 30%. It is the declared objective of the

Bulgarian National Bank (BNB) and the Government to apply for ERM II

participation immediately after accession and to adopt the euro in the second half

of 2009 or early 2010, both at the current exchange rate of the currency board.

The public finance framework aims at maintaining a balanced or close-to-balance

budget while reducing the tax burden, increasing the efficiency of public spending

and streamlining the size of the public sector. After a 3.1% of GDP surplus in

2005, the programme foresees a balanced budget in 2006. Following an agreement

with the IMF, this target has in the meantime been revised to a 3% of GDP

surplus (cash basis, up from 2.3% in 2005). For 2007 and 2008, the PEP projects

government deficits of 0.2 and 0.7% of GDP because of extra accession-related

expenditures. General government debt would decrease further from 31.3% of

GDP in 2005 to 22.7% in 2008. With actual output close to or slightly above

potential, the cyclically-adjusted balance does not deviate significantly from the

actual balance.

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The PEP sets out an extensive list of structural reform measures aiming to

improve the functioning of product and factor markets, strengthening

competitiveness and encouraging investment. Privatisation of state-owned

enterprises is well advanced and the liberalisation and restructuring of network

industries has made further progress. The programme includes a number of

measures in the areas of administrative and judicial reform which would improve

certain aspects of the business environment. Labour market reforms mainly focus

on improving education and training as well as life-long learning. Plans for health

reform concentrate on strengthening financial discipline in the hospital sector.

Some measures to improve the quality and long-term sustainability of public

finances are envisaged in the programme.

Assessment

The PEP largely complies with the main methodological requirements. Data on

output gap, cyclically adjusted budget and long-term sustainability of public

finances have been presented but calculations of potential growth are not yet

based on a production function approach and the methodology for assessing the

long-term sustainability of public finances is insufficiently explained. The

macroeconomic framework appears overall realistic, consistent and

comprehensive. However, the reduction of the current account deficit might turn

out to be more gradual, especially if the moderation in private consumption and

investment growth and thus the decrease in the trade deficit should be less

pronounced than expected. The recovery of the surplus in the services balance

that relies on a substantial re-acceleration of growth in the tourist industry may be

difficult to attain. The projected stabilisation of net FDI inflows at levels above

EUR 2 billion per year, although not fully consistent with the experience in 2005,

could be possible considering the experience of the new Member States where the

FDI inflow in the accession year increased substantially. It remains to be seen

whether the projected increase in participation rates necessary to maintain an

employment growth of above 1% can be achieved. Against the background of

strong domestic demand and a considerable fiscal easing in 2007 and 2008, the

expected reduction of inflation to below 3% in 2008 could also prove too

optimistic.

The continuation of a prudent fiscal policy with a budget close to balance is

generally consistent with the macroeconomic scenario. However, the substantial

fiscal easing foreseen for 2007 and 2008 would imply a pro-cyclical fiscal stance in

2007 and would, if implemented jeopardise the aim of reducing the current

account deficit and further bringing down inflation rates. This easing could

probably be avoided by aligning national spending priorities better with those

under EU Structural Fund programmes, by substituting certain national

expenditures, for example on agriculture, with EU payments, and by intensified

efforts to streamline government spending. The pattern of revenue over-

performance highlighted in last year’s assessment continued in 2005. The practice

of under-estimating budget revenues helps to achieve or outperform fiscal targets,

but reduces considerably the transparency of budget execution, impedes a further

reduction of the tax burden and encourages discretionary spending. Fiscal risks

appear manageable, although risks related to certain structural reforms and major

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investment projects have not been fully considered in the PEP and could entail

further upside pressures on government expenditures.

The structural reform agenda is largely in line with key objectives of the Lisbon

Agenda and supports the fulfilment of the second Copenhagen economic

criterion. The PEP highlights the progress made in improving the functioning of

product and financial markets through privatisation, liberalisation of network

industries and improvements in the regulatory framework in line with EU

requirements. It contains a set of individual measures which – if properly

implemented – would improve the business environment in Bulgaria. However,

these measures are not embedded in a comprehensive and systematic strategy.

The PEP does not present any concrete proposals for increasing labour market

flexibility and gives only very limited indication on the future direction of active

labour market and wage policies. Further efforts on education and health reform

would be particularly important to improve the quality of services, increase the

efficiency of public spending and adapt these sectors better to the needs of a

rapidly ageing and shrinking population.

Opinion

Given the above assessment, Ministers commend the Bulgarian authorities for

sustaining the catching-up process and achieving a fairly high degree of

macroeconomic stability by maintaining prudent fiscal policies and continuing

structural reforms. They consider the 2005 Pre-accession Economic Programme a

useful medium-term framework for Bulgaria’s economic policy in preparation for

EU accession. Ministers are concerned by the widening of the current account

deficit in 2005. They welcome, however, that measures have been taken to contain

the external deficit by tightening fiscal policy and constraining credit growth.

Ministers welcome the public finance scenario of a balanced or close-to-balance

budget which is largely adequate in view of possible risks for the external balance

in a currency board arrangement. Given the high current account deficit, an

additional fiscal tightening would, however, appear appropriate and Ministers

therefore welcome the revision of the fiscal target for 2006. They urge the

Bulgarian authorities to intensify efforts to avoid a fiscal expansion in 2007 and

2008 which could otherwise threaten the aim of reducing the external deficit and

bringing down inflation. Ministers consider that while the practice of very

conservative revenue projections helps to achieve fiscal targets thanks to revenue

overruns, it limits the scope for reducing the tax burden. Ministers note that

moderate real wage increases in line with productivity gains have helped to secure

competitiveness within the context of the currency board arrangement and

underline that the continuation of this trend in the future will be critical. Ministers

welcome the advanced state of privatisation and the further progress reached on

the restructuring and liberalisation of network industries. They encourage the

Bulgarian authorities to maintain the structural reform momentum and to

successfully complete the privatisation process. Ministers note the measures

foreseen to improve the business environment, but emphasise that further

progress in this area will be crucial to strengthen the adaptive capacity of the

Bulgarian economy. They encourage the Bulgarian authorities to fully implement

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the reform of business registration. They call for further strong efforts to improve

the functioning of the judiciary and of the administrative system which is of

particular importance for the business climate. The improvement of the regulatory

environment for businesses should continue with renewed ambition. Ministers

welcome the improvement in the labour market situation and the measures taken

to reduce non-wage labour costs and to promote education and training as well as

life-long learning. Further progress in education reform and intensified efforts to

raise employment rates will be important to tackle mismatches in the labour

market and to strengthen the growth potential. Ministers regret that no concrete

measures to increase labour market flexibility are envisaged in the programme.

Action should in particular be taken to allow for more flexible labour market

arrangements Ministers encourage the Bulgarian authorities to intensify their

efforts in reforming the education and health systems, in particular in view of a

rapidly ageing and shrinking population, and welcome the steps taken to ensure

the long-term sustainability of public finances.

Finally, Ministers note Bulgaria’s progress in developing the institutional and

analytical capacity required to participate in EMU. They underscore Bulgaria’s

obligation to ensure the provision of fully compatible, detailed and timely ESA 95

data before accession.”