Council and Euro Group will examine economic and monetary developments and approve conclusions on three stability programmes and two convergence programmes

Brussels, 28/01/2000 (Agence Europe) - Joaquim Pina Moura, Portugal's Minister of Finance and Economic Affairs, will chair his first Ecofin Council on Monday, 31 January, along with a meeting of the Euro Group from 9 to 11 a.m.. The Finance Ministers of the euro area countries will proceed with their traditional evaluation of the situation and of economic coordination. In this context, they will be analysing the evolution of the single currency in relation to the dollar. They will also assess -in the presence of Mr Artus, Deputy Director General of the International Monetary Fund- the results of the recent meeting in Tokyo of the Finance Ministers and the Central Bank Governors of the G7 countries. Chancellor of the Exchequeur Gordon Brown will present a report in this connection at the lunchtime meeting concluding the Ecofin Council, during which the Presidency will also report on the Euro Group's discussions. The new President of the European Investment bank, former Belgian Finance Minister Philippe Maystadt, will be present for the lunchtime meeting and is expected to express the intentions of this institution concerning, inter alia, the special Lisbon summit on employment, venture capital and R&D investments.

The Ecofin Council per se will begin with an open debate on the Presidency's priorities and the Commission's work programme -which will be outlined by Pedro Solbes- in the area of Ecofin. Joaquim Pina Moura has asked fellow Ministers to focus in particular on three subjects: a) the role of the Ecofin Council in the framework of preparation of the special European Council in Lisbon, a role the Presidency wishes to be as extensive as possible. The question of the participation of the Finance Ministers in the summit remains open at this stage; b) the tax package (also due to be discussed at both the formal session and the lunchtime meeting: see below); c) coordination of economic policies: the Presidency intends to insist, in this context, on the importance of the broad guidelines.

At the conclusion of this open debate, the Fifteen will address the following points.

• Implementation of the Stability and Growth Pact. In restricted session, Ministers will examine the opinions -positive in large measure- handed down by the European Commission and the Economic and Financial Committee on: i) the updated stability programmes of Finland, Ireland and the Netherlands; ii) the revised Greek and Swedish convergence programmes. The Council will adopt conclusions on these programmes and is expected to make them public. The conclusions on Greece are obviously those in which there is the most political interest, since this country will be submitting in the coming weeks its request for entry into the final stage of EMU.

At the lunchtime meeting, the Fifteen will discuss technical questions linked to introduction of the euro.