Commissioner Bolkestein reported to Ministers on the discussions on savings taxation that have taken place with Switzerland and other third. The Council has committed itself to formally adopting the tax package before the European Council in March 2003.
It has been a condition of the savings tax negotiations that six third countries (Andorra, Liechtenstein, Monaco, San Marino, Switzerland and the United States) should adopt measures 'equivalent' to those agreed within the EU. The Council on 21st January considered that this condition was effectively satisfied in the case of the United States and that it would be satisfied in the cases of Switzerland, Liechtenstein, Monaco, Andorra and San Marino if these countries offered to enter into agreements as outlined in its conclusions. It asked the Commission to continue the negotiations with these countries, in close conjunction with the Presidency of the Council.
Furthermore, the Council adopted a Decision on the establishment of the Financial Services Committee (FSC), to replace the Financial Services Policy Group (FSPG). The FSPG is currently chaired by the Commission. The new Committee will be chaired by a Member State and the secretariat will be provided by the secretariat of the Council. The FSC is not part of the legislative process. It will advise the Council and the Commission on financial market issues and report to the Economic and Finance Committee.
The Ministers meeting in the Council and the Commission will each nominate one senior representative and an alternate to the new FSC. The first chair is due to be a member of the EFC.
Results of ECOFIN – provisional version
© Council of the European Union
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