Informal Economic and Financial Affairs Council

from 30 September 2010 to 1 October 2010
09:00 - 18:00

The Egmont Palace will form the elegant setting for the informal ECOFIN Council meeting. Points on the agenda will include the creditworthiness of public finances, the trans-Atlantic agenda for the reform of the financial sector and preparation for the important meetings of the G20 and the IMF.

Four main subjects will be treated during this informal meeting: the first priority will be to restore the public finance credibility within the framework of the Stability and Growth Pact reform. In addition to the budget consolidation target, we will have to implement structural policies to create employment and improve our competitiveness, within the context of the EU 2020 strategy.

We have recently concluded a historical agreement with the European Parliament and the Commission, concerning a new financial supervision architecture. At the same time, we will consider the progress to be made in the Transatlantic Agenda for financial sector reforms and discuss how to stabilize the financial markets, particularly by supervising rating agencies, introducing an appropriate fee on financial institutions and improving their resilience and stability in times of crisis. Last but not least, there is the preparation of the important G20 and IMF meetings.

Media Programme

Programme for Ministers and delegates

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Councils: Economic and Financial Affairs

Where

Palais d'Egmont, Petit Sablon 8, 1000 Brussels

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David Maréchal
david.marechal@ckfin.minfin.be
+32 (0)2 233 87 17
+32 (0)478 42 19 15
Spokesman of Minister for Finance, Didier Reynders

Decision-making process

Council of the EU:
The Council decides

The Council decides on legislative proposals. This takes place in accordance with normal legislative procedure, in consultation with the European Parliament. The Council meets in various configurations. There have been ten council configurations since the Treaty of Lisbon came into effect. Each council configuration deals with a number of fixed areas and is comprised of the authorised national ministers. Every minister in the Council is authorised to enter into agreements on behalf of their government. Each council configuration – except for the Foreign Affairs Council, which is chaired by the High Representative – is chaired by the member state currently presiding over the rotating six month role.
European Parliament:
The European Parliament decides

The European Parliament has various commissions. They prepare the contents of the recommendations for the legislative proposals. The European Parliament, together with the Council, accepts legislative proposals from the European Commission. Since the Treaty of Lisbon came into effect, the procedure whereby both institutions decide on the vast majority of the areas on an equal footing (normal legislative procedure) has been applicable. In this normal legislative procedure, both institutions must approve the legislative proposal in question. The European Parliament can accept, reject or change the content of legislative proposals.
Council working groups and the COREPER:
The council working groups and the COREPER prepare

The council working groups and the Permanent Representatives Committee prepare the Council activities. They attempt to prepare the ground as much as possible for a compromise. There is therefore a long and intensive preparation before every Council meeting. The member state chairing the Council presides over the Coreper and the bulk of the council working groups.
European Commission:
The European Commission draws up new legislative proposals

The European Commission draws up legislative proposals that it presents to the Parliament and the Council. These proposals must protect the interests of the EU as a whole. The Commission is comprised of 27 members. Each member state therefore nominates one member. The College of Commissioners meets every week on Wednesday mornings in Brussels. In these meetings they discuss each point on the agenda and then make a collective decision. Each member of the Commission can request a vote. The European Commission decides by normal majority.

Belgian Presidency of the Council of the European Union

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