NOTE: GrahamBishop.com staff did not attend this meeting as it was held in Strasbourg
Key items for Financial Services
Exchange of views with Mr Teixeira dos Santos, Portuguese Finance Minister
- Presentation of the Presidency Programme
Mr TEIXEIRA DOS SANTOS made a speech and outlined the main priorities of the Portuguese Presidency:
Solvency II Directive.
“The Portuguese Presidency intends to advance as quickly as possible on this “dossier”. We hope that an agreement between the European Parliament and the Council on this Directive is possible at the first reading”.
The Lamfalussy process.
“This should be terminated by the end of the year – namely on the basis of the final report of the Inter-Institutional Monitoring Group, which is expected in autumn 2007.”
The financial stability framework.
The objective of improving the efficiency of crisis-management and resolution mechanisms - in particular through adequate coordination between authorities. This shall likewise be a focus of debate during our Presidency, based on the report being drawn up by the EFC working group chaired by Mr. Per Callesen.
The Ecofin Council will further analyse during our Presidency the following issues in the financial market field:
The enhancement of market integration in relation to clearing and settling securities transactions, closely monitoring the application of the code of conduct and analysing the issues related to the safety and soundness of systems, to the Target 2 Securities project and the progress made in removing legal and tax obstacles;
Promote the completion of the Single Payments Area within the European Union, on the basis of the agreement between the European Parliament and the Council, at the first reading of the Directive on payment services in the internal market;
The deepening of the retail financial services market integration, so that consumers take full advantage of the benefits of the single market;
The development of the European venture capital industry, identifying existing obstacles, on the basis of the Commission’s work, with a view to future initiatives in this field;
More in-depth regulatory dialogue with the European Union’s main worldwide partners; in this regard, the mutual recognition of accounting standards, without the need for reconciliation, is of particular relevance in EU/USA transatlantic dialogue.
I also highlight, in a more institutional context, the so-called Comitology “dossier” , where we hope to be able to reach an agreement at the first reading in the European Parliament.
In the subsequent exchange of views, several Members raised points of concern regarding the strength of the euro. According to Mr Teixeira dos Santos, in the context of general trends the development was in no way out of line. The solution was not to devalue but to carry out structural reform. Asked about the Stability and Growth Pact and consolidation of the budgets, he stressed the fundamental importance of having financial stability in public finances as well. Globalisation and the ageing population were two factors which had to be considered in this context.
As regards the Lamfalussy process, the Presidency was awaiting the report on the Inter-institutional Monitoring Group. Members expressed doubts that agreement on Solvency II would be reached very quickly.
Mr Teixeira dos Santos stressed the importance of reaching agreement as quickly as possible and hoped that all parties would cooperate. It would be a clear signal of leadership if the EU managed to reach agreement rapidly.
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