The banking crisis of 2008 sparked one of the most challenging periods the EU has ever had to face. Member State governments and all the European Institutions have worked together to seek common solutions to the challenges posed. Dealing with the crisis has taken time. However, we must now look beyond the crisis.
In practical legislative terms the Irish Presidency hopes to advance, and in many cases conclude, negotiations on some of the most important dossiers and initiatives currently before EU decision makers. Some of these key priorities are highlighted below.
Securing stability
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Banking Union: The imperative to break the link between banks and sovereigns was unanimously agreed by European leaders. The Presidency will push for agreement on the Banking Union proposals including the first important step of adopting the Single Supervisory Mechanism, which will open up the way for the ESM to directly re-capitalise banks, starting in 2014. Further steps on deposit guarantees and resolution mechanisms will follow.
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European Semester: Effective management of the EU’s new system of budgetary and economic coordination, the “European Semester”, will be an important focus of the Irish Presidency. This will ensure better coordination and management of our economies.
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“Two-Pack”: The “Two-Pack” aims to further enhance the co-ordination and surveillance for the budgetary processes for the euro area. Ireland will work to secure agreement on the negotiations now at their last stage in the EP.
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Financial Services: The Presidency will manage the busy financial services agenda. In particular there will be a focus on reaching agreement on the Markets in Financial Instruments Directive and Regulation (MiFID/MiFIR) which seeks to harmonise access to and activity of investment firms. Ireland will also make progress on other dossiers in the consumer area, including the Mortgage Credit Directive.
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MFF: The Presidency will support President Van Rompuy in reaching agreement on the Multiannual Financial Framework (MFF). Once Council agreement is secured on the overall MFF, the Presidency will seek to secure the consent of the European Parliament. In parallel Ireland will lead negotiations on almost 70 legislative measures which will deploy the MFF (e.g. Horizon 2020, CAP, and Cohesion).
Press release
Irish Presidency Programme
Video - Tánaiste Eamon Gilmore outlines Ireland's EU Presidency Priorities
© Irish Presidency
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