Brussels, 09/10/2006 (Agence Europe) - On Tuesday, EU finance ministers are due to approve the follow-up to be given to a number of issues debated at the informal meeting in Helsinki, namely, working methods within Ecofin, innovation, energy and financial stability (see EUROPE 9261 and 9262). In future Ecofin sessions, only ministers accompanied by three people per delegation will be allowed, says the draft conclusions, calling also on the Economic and Financial Committee (EFC) and the Economic Policy Committee (EPC) to better coordinate their work.
In the area of risk capital financing, Member States are called on to report on the national environment within the framework of their national Lisbon Strategy reform programme. The financial services committee is due to update its assessment of the obstacles to the European risk capital market, the Commission is due to give a presentation on best practice in this area and the European Investment Bank (EIB) and European Investment Fund (EIF) will be expected to play an enhanced role in the development of financial products, says the draft conclusions.
In energy, the Ecofin Council will approve the key messages of the future energy policy for Europe, on which the European Council in March 2007 will adopt an action plan drawn up by the Commission. In Helsinki, finance ministers re-stated the position adopted in Manchester the previous year, calling for effective coordination in the face of oil price rises and in order to avoid any fiscal distortion. According to the draft conclusions, the Ecofin Council will call on the EFC and the EPC to continue their efforts on this issue, particularly through exploration of the possibilities of auctioning emission quotas as part of the EU emission quotas exchange scheme.
Management of financial crises provides a useful basis for coordinated action among those authorities likely to be involved at EU level, says the text, which calls for enhanced cooperation. The EFC is called on to continue developing the procedures and perhaps general principles in financial crisis management, and to present several periodic reports on the issue. (ab)