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12 July 2011

ECOFIN Council: Priorities for re-launching the Single Market

The ECOFIN Council recalled that innovative financing instruments need to be further assessed in terms of leverage effects in comparison to existing instruments, risks that would be added to government balance sheets and possible crowding out of private financial institutions.

Possible innovative financing instruments at EU level require further analysis regarding their effectiveness. The possible use of these instruments would depend on consistency with Member States' budgetary rules.

The ECOFIN Council invited the Commission to continue the work on the governance aspects of the Single Market, and on reserved activities, insurance obligations, capital ownership and legal from requirements, identified as obstacles to better integration of services markets. It recalls the request of the Council (ECOFIN) of February 2010 asking the Commission to conduct an evaluation of the effects of the implementation of the Services Directive.

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