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EU finance and economy ministers and central bank governors will discuss the economic crisis and financial regulation in Copenhagen

29-03-2012 10:29:00

The Council meeting will address economic and financial issues.

Photo: Bjarke Ørsted
Informal ministerial meeting (ecofin)

EU economy and finance ministers and central bank governors will meet on 30-31 March in Copenhagen for the Informal ECOFIN meeting. They will discuss the economic and financial stability outlook, the strategy for dealing with the economic crisis, the strengthening of financial sector regulation and the EU multiannual budgetary framework.

This Friday and Saturday the Minister for Economic Affairs and the Interior Margrethe Vestager will host a meeting for all her colleagues and the central bank governors in the EU.

On Friday, ministers and governors will discuss the economic and financial stability outlook and risks and how policies can support the fragile stabilization of the economic situation. Ministers and governors will also have an opportunity to provide additional input to the work on a financial transactions tax which was discussed at the latest ECOFIN meeting on 13 March and will be discussed again at a later meeting.

The next multiannual EU budget (the multiannual financial framework for 2014-2020) will also be under discussion, including positions on the level of spending, allocation of funds to different policy areas as well as the revenue side.

The minister for Economic Affairs and the Interior, Margrethe Vestager says:

”We still have huge economic challenges in Europe, so even though the debt crisis and the economic situation seem to have stabilised, it is crucial that we stick to the agreed strategy of getting the public finances back on track and that we implement the necessary reforms so we can exit the crisis and get on a better track with growth and job creation." 

Saturday, ministers and governors will discuss the possibility of a common framework for resolution of financial institutions.

Minister for Economic Affairs and the Interior, Margrethe Vestager says:

“The crisis has shown how important it is that countries have an efficient and credible system which can step in when a bank is failing. Some EU countries have introduced resolution regimes, but it is important that we agree on a common EU framework in order to ensure a level playing field. At the same time, we must carefully consider the timing for such a framework”.      

On Saturday, ministers and governors are also expected to agree on a common EU position (‘Terms of Reference’) regarding the global economic challenges which will be addressed at the G20 finance ministers and central bank governors meeting in Washington on 19-20 April 2012.

At the G20 meeting, the EU will be represented by Minister for Economic Affairs and the Interior, Margrethe Vestager, in her capacity as ECOFIN President, and by the Commission.

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See photos from the meeting

Vestager and SchäublePhoto: Bjarke Ørsted
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  • EU finance and economy ministers and central bank governors will discuss the economic crisis and financial regulation in Copenhagen