Brussels, 17/01/2001 (Agence Europe) - The first EcoFin Council under the Swedish Presidency will be chaired, on Friday, by Minister Bosse Ringholm. It will begin with a public debate on the priorities of the Swedish Presidency, focused, notably, on employment. The Fifteen will also try to reach a political agreement of tax exemptions applicable to oil products, and, over lunch, discuss how to continue work on tax on savings, through contacts with third countries. Here is an overview:
Half-year programme. Mr. Ringholm will set out the priorities of the Presidency, focused on six major themes: increasing employment and improving coordination between economic policies, combating harmful tax competition, striving for the creation of a integrated financial market in the EU, opening up the dialogue on economic policy with applicant countries, improving budgetary procedures and financial control, and enhancing the EU's visibility in international economic and financial bodies. Commissioner Pedro Solbes will set out the Commission's goals for 2001.
Tax. The Fifteen will attempt to reach a political agreement on the exemption of excise duties for mineral oils proposed by the Commission in November (see EUROPE of 16 November, p.8). Certain reductions being envisaged, like that for diesel used by utility vehicles in France, Italy and the Netherlands, have led to major reservations on the part, notably, of Germany, which could delay an agreement (unanimous). Were that to be the case, the Commission has warned that it would prepare itself to opening an infringement procedure against those countries that have brought forward application of the exemptions.
Public finance. The Council will have a policy debate on the contribution of public finances to growth and employment, in preparation for a joint report with the Commission that the Council should adopt on 12 March and be presented to the European Summit of Stockholm. In December, the Commission published a communication identifying four important challenges: a) robust budgetary discipline; b) more rapid progress towards compulsory levying schemes and social contributions more favourable for employment; c) re-direction of public spending so as to promote a knowledge-based economy; d) long-term viability of public finances and account being taken of the ageing of the population (see EUROPE of 22 December, p.15).
Sweden's stability programme. The Council will issue a formal opinion on Sweden's updated convergence programme for the period 2000-2003. No substantive debate is, however, expected, in the sense that the Swedish programme is, on the whole, deemed satisfactory (see EUROPE of 11 January, p.9.).
EMU statistics. The Council will take note of the report by the Economic and Financial Committee on work relating to the need for statistical information in the framework of EMU and progress made since publication of an action plan, last September.