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21 February 2012

ECOFIN Council conclusions: Economic governance, European Semester, short selling and macro-economic imbalances


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The Council adopted conclusions providing policy guidance to the Member States for tackling macro-economic and fiscal challenges under this year's European Semester.


Main results of the Council

The Council agreed a general approach on two draft regulations aimed at further improving economic governance in the euro area. The proposals provide for enhanced monitoring of euro area countries' budgetary policies and strengthened surveillance of euro area Member States that experience financial disturbance or request financial assistance. The presidency will now start negotiations with the European Parliament with a view to enabling adoption of the two regulations at first reading.

The Council adopted a regulation harmonising rules for short selling and credit default swaps. The regulation introduces common transparency requirements and harmonises the powers that regulators may use in exceptional circumstances. Its adoption follows an agreement reached with the European Parliament in October.

The Council adopted conclusions providing guidance to the Member States for tackling macro-economic and fiscal challenges, to be submitted to the European Council under this year's European Semester. The 23 Member States participating in the Euro Plus Pact also adopted conclusions.

Furthermore, the Council adopted:

  • a Directive exempting very small companies from accounting and financial obligations;
  • a recommendation to the European Parliament on the discharge to be given for implementation of the EU's general budget for 2010;
  • conclusions setting the Council's priorities for negotiation with the Parliament of the EU's 2013 budget;
  • conclusions on the follow-up to the UN conference climate change held in Durban at theend of last year.

Full document



© ECFIN


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